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The price of Dogecoin started this month with a collapse, which sparked a tremendous feeling among the Doge investors. This hibbio feelings are strengthened by Historical dataThis indicates that these investors should not be very optimistic about the first Mimi currency recorded this month.
Dogecoin February begins 23 % as drawings to create historical data
Cryptorank data It indicates that the price of Dogecoin has suffered a 23 % decrease since the beginning of February. This follows Monthly green closureAnd that the first Mimi coin enjoyed in January, with 4 % profit in the first month of the year. Amid the collapse of this price since the beginning of this month, historical data also indicates a downward look of DOGE throughout this month.
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Other data from Cryptorank show that February is historic Dogecoin’s declining month. The first Mimi coin has suffered a 1 % monthly loss in February since its launch in 2013. Dog had four only four monthly green closure in February over the past twelve years.
However, it should be noted that Dogecoin was closed only once February with a loss of more than 20 %, which was in 2014, when its price decreased by more than 30 %. As such, the MIM currency can still witness relief, which may reduce the intensity of price collapse by 23 % since the beginning of this month.
Meanwhile, despite the historical data that draws a tremendous look at Dogoin, the encryption analysts gave a thunderbolt look at Mimi. Cross analyst Sayyid Kinobi Recently, the similarity between the current procedures for DOGE and those for 2017 Bull Run. Based on the similarities, it is expected that Dogecoin could soon start the next station of the Taurus round, exceeding $ 1 and reaching the peak of the market at some point in April.
Dogs still can reach $ 10 in this session
In X Publishing, The encryption analyst Ali Martinez Expect that Dogecoin still could reach $ 10 in this market round. He stated that as long as Duji exceeds $ 0.19, the preparation for a bonus raising about $ 10 is still strong. The analyst added that the momentum builds the first Mimi currency, indicating that it can soon start at the next station of the Taurus round.
Encryption Trader tardigrade Expect that Dogecoin can reach at least $ 4.5. It is stated that the average trend in Duji (ADX) indicates a large large bull on the horizon. ADX measures the strength of the trend by determining the degree of movement of trend in the price. When analyzing the weekly graph, the analyst emphasized that the “very strong trend” can happen soon and will reach its peak in the coming weeks as the M. currency reaches $ 4.5.
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At the time of writing this report, the price of Dogecoin is traded at about $ 0.25, a decrease of more than 4 % in the past 24 hours, according to Data From Coinmarketcap.
Distinctive image from Unsplash, Chart from TradingView.com