Pundit Says Nothing Is Wrong With Dogecoin as DOGE Rally Stalls

After a whirlwind run in the month following the U.S. election, crypto assets appear to be taking a breather, including the leading meme coin, Dogecoin (DOGE).

The dog-themed asset is down 6.6% in the past seven days, falling from highs of around $0.484 to trade around $0.388 at the time of writing. 

Amid this decline, investors wonder if the asset still boasts upward potential or if it has hit a market top. As the uncertainty prevails, one analyst suggests any existing concerns are overblown.

On Wednesday, December 11, prominent DOGE commentator “KrissPax” asserted that “All is good” with the asset, highlighting that price corrections are normal after extended rallies, such as DOGE’s 200% spike. He shared a daily candle chart showing the asset is stuck between the $0.36 and $0.48 price points.

DOGE bulls will want to see the asset convincingly break above the $0.48 price point on the daily timeframe for further continuation to the upside.

KrissPax’s views appear to align with the crypto intelligence platform Santiment. On Wednesday, the firm posited that DOGE’s bull run was still intact, citing the asset’s Mean Dollar Invested Age.

The Mean Dollar Invested Age measures how long coins stay idle in wallets. According to Santiment, the Mean Dollar Invested Age for DOGE is trending downwards. Specifically, the platform suggests that the metric has declined 31% in the past eight weeks to 370 days.

Santiment argued that this downtrend in the Mean Dollar Invested Age confirmed that the bull market “can and should continue.” The firm expressed this view, noting that the trend suggested that coins were returning to circulation, signaling increased network activity.