Dogecoin Poised for Rebound Despite Market Downturn Driven by Bitcoin: Analyst Kriss Pax

  • In recent developments, crypto analyst Kriss Pax examined Dogecoin’s situation amidst a market downturn led by Bitcoin.
  • His analysis highlighted the significant impact of Bitcoin on the entire crypto market, including the decline in Dogecoin’s value.
  • Notably, Pax suggested that Dogecoin’s current pricing could represent a strategic buying opportunity, backed by various indicators.

Expert insights on Dogecoin amidst a market decline, indicating potential rebound opportunities.

Market Overview: Bitcoin’s Influence on Dogecoin

Kriss Pax’s latest analysis highlights the ongoing decline in the cryptocurrency market, primarily triggered by Bitcoin’s downward movement. According to Pax, Dogecoin, like many altcoins, is significantly influenced by Bitcoin’s performance, noting that Dogecoin has recently dipped to approximately 11.4 cents, struggling to sustain the 12-cent threshold.

Key Factors Behind Bitcoin’s Decline

Pax identifies several factors contributing to Bitcoin’s current downturn. Among these, the forthcoming release of 140,000 Bitcoins from the infamous Mt. Gox exchange hack stands out, creating apprehension about a potential mass sell-off. Additionally, the diminishing profitability of Bitcoin mining, coupled with miners offloading their assets to manage escalating energy expenses, has further pressured Bitcoin’s value.

Impact and Resilience of Dogecoin Holders

Despite the overarching bearish market, Pax observes a steadfastness among Dogecoin investors, many of whom continue to hold their positions. He notes the broader challenges within the digital currency market, including significant liquidations of leveraged positions. Recently, over $4 million worth of long leverage positions in Dogecoin were liquidated, underscoring the market’s volatility.

Potential Recovery Indicators

Optimistically, Pax suggests that Dogecoin’s current phase might represent a market bottom, potentially signaling a profitable entry point for investors. The Relative Strength Index (RSI) indicates a potentially favorable rebound scenario for Dogecoin. Historical trends of altcoin rallies following Bitcoin downturns further bolster this positive outlook.

Altcoin Dynamics and Future Projections

Analyzing broader market trends, Pax discusses the possibility of a rise in altcoin dominance as Bitcoin’s dominance wanes. He draws parallels to the bull market cycles of 2020, forecasting that Ethereum could lead the next significant rally, with altcoins such as Dogecoin riding on its coattails.

On-Chain Metrics Supporting Dogecoin

Pax points to critical on-chain metrics like the Market Value to Realized Value (MVRV) ratio, which currently suggests that Dogecoin is undervalued. This metric supports the view that the present price levels offer a strong buying opportunity.

Long-Term Prospects for Dogecoin

Drawing from historical data, Pax maintains a bullish outlook on Dogecoin’s long-term potential. He references past market cycles from 2016 and 2020 that experienced substantial rallies following similar signals. While specific future price predictions remain challenging, Pax projects significant potential gains for Dogecoin if historical market dynamics repeat.


In summary, while the current market environment remains challenging, Pax’s insights suggest potential opportunities for strategic investments in Dogecoin. Leveraging historical trends and on-chain data, he presents a case for a possible rebound, highlighting Dogecoin’s resilience and future growth possibilities.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

Latest News

Grayscale Launches Low-Fee Bitcoin Mini Trust with Coveted BTC Ticker

Grayscale is set to launch its Bitcoin...

Dogecoin (DOGE) Price Surge: Analysts Predict Massive Upcoming Rally

Dogecoin (DOGE) and Shiba Inu...

Dogwifhat (WIF) Surges 56%: Solana Memecoin Leads Market with $9.02B Cap

This week, Dogwifhat (WIF) experienced...

PRO Analysis

Dogwifhat Price Targets $4 Amid Strong Bullish Momentum

Dogwifhat is experiencing a notable upward momentum...

BOOK OF MEME Coin Soars 47% Amid Bullish Patterns: Potential To Hit $0.015

BOOK OF MEME price experiences a significant surge,...

PIXFI Faces Bearish Turn: Analysis and Key Levels for July 2024

#Pixelverse, a prominent crypto gaming platform, launched its...

Dogecoin Leads the Pack: 2024’s Top Dog-Themed Meme Coin Performance Analysis

In 2024, dog-themed meme coins such as...
Gideon Wolf
Gideon Wolf
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.

Grayscale Launches Low-Fee Bitcoin Mini Trust with Coveted BTC Ticker

Grayscale is set to launch its Bitcoin Mini Trust, which will feature the coveted BTC ticker symbol, on July 31st. This...

Dogecoin (DOGE) Price Surge: Analysts Predict Massive Upcoming Rally

Dogecoin (DOGE) and Shiba Inu (SHIB) have experienced significant price increases recently. This rise is linked to...

Dogwifhat (WIF) Surges 56%: Solana Memecoin Leads Market with $9.02B Cap

This week, Dogwifhat (WIF) experienced an extraordinary surge of over 56%, cementing its bullish trajectory. Solana memecoins...