Popular cryptocurrency trader and analyst Ali Martinez took Dogecoin’s (CRYPTO: DOGE) fall in stride, saying on Monday that he would use it to buy more of the leading meme coin.
What happened: Martinez, known for spotting chart patterns and projecting the next moves of leading cryptocurrencies, said he was “thankful” for the dip as it was still very early in the DOGE bull cycle.
“I’m thankful for the dip and will buy more between $0.40-$0.30. The target remains $3, and if things go wild, $18,” the analyst said, sticking to his bullish approach.
Another widely followed analyst on X, Jake Wujastyk, stated that the latest dip helped flush out the excess leverage, opening the door for a new upside for the dog-themed cryptocurrency.
Indeed, DOGE’s Open Interest-weighted funding rate cooled from 0.08% to 0.0024% in the last 24 hours, per data from Coinglass.
Moreover, the number of accounts on Binance taking long positions on DOGE increased sharply vis-à-vis those betting against the cryptocurrency, according to the Long/Shorts Ratio.
Why It Matters: The aforementioned bullish remarks come amid a broader slump in the market that pulled DOGE down by more than 10%.
The meme coin’s trading volume surged by 93% in the last 24 hours, indicating that rampant selling was going on.
Additionally, large transactions also surged by 41%, per data from IntoTheBlock, while long-term holder balance dipped by 0.88%.
Price Action: As of this writing, Dogecoin was trading at $0.4034, down 2.85% in the last 24 hours, according to data from Benzinga Pro.
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