A popular crypto trader has indicated that he would buy meme cryptocurrency Dogecoin (CRYPTO: DOGE) if it fell below a certain level, as the broader cryptocurrency industry passes through an uncertain phase amid regulatory crackdown on the sector.
What Happened: The trader, who goes by the name of “Altcoin Psycho” and is particularly popular on Twitter, said in a video on his YouTube channel that he will consider buying the meme cryptocurrency if it drops to the $0.08 level.
“I am not touching DOGE unless it gets to here ($0.0848). I’m not saying it’s going to go there but if it gets there, I’ll consider putting money in it,” Altcoin Psycho said.
The crypto analyst, who has 12,800 subscribers on YouTube, added that he was absolutely “cringed out to the max” by everything that people are seeing with Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk and Dogecoin.
Musk’s appearance on “Saturday Night Live” was probably “the greatest top signal” that could be found for the meme cryptocurrency, according to the crypto trader.
Why It Matters: Based on the popular “Doge” Internet meme, Dogecoin’s rise to prominence this year can be attributed to endorsements from Musk and other celebrities. The Shiba Inu-themed cryptocurrency’s year-to-date gain stands at an impressive 3,277.6%.
However, Dogecoin is down 73.8% from its all-time high of $0.7376 reached in May and is currently trading at the $0.19 level. Altcoin Psycho’s projected level would imply a further 56% fall in its value from the current price.
Price Action: Dogecoin is up almost 1% during the last 24 hours, trading at $0.1916 at press time.
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