Negentropic, the Twitter account run by co-founders of Glassnode Yann Allemann and Jan Happel, made a fascinating comment on the connection between the Nasdaq-100 index (NDX) and Bitcoin (BTC) in a recent thread. The tweet claims that historical data shows that cryptocurrency tends to surge if the NDX faces a slowdown, like it does right now, indicating a rotation into riskier assets.
Chris Burniske, a well-known cryptocurrency analyst who formerly oversaw ARK Invest’s cryptocurrency branch, provided more commentary. Burniske agreed with Negentropic’s remark and elaborated on the probable rotation of high-risk assets, saying that it may entail a switch from NDX to Bitcoin, Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and then NFTs.
Dogecoin (DOGE) price review
A recent decrease in the price of DOGE has led to it hitting its lowest level since June 2022 at $0.0623 per DOGE. The price of DOGE may be put to a serious test if the current decline in the cryptocurrency market continues. The crucial level to keep an eye on is $0.048, which stands for the bottom of the range in which DOGE has been trading recently. DOGE would drop to its two-year lows if this critical support level were to be broken.
One the one hand, despite over two months of continuous depreciation, Dogecoin still has space to fall. However, it would be too simple and clear for the price to immediately collapse there. Thus, a rise that inspires optimism followed by a devastating crash that wipes out the deposits of overconfident investors would be more in line with the spirit of the cryptocurrency market.
Overall, the upcoming weeks will be quite important for DOGE owners.
