Why is ArbDoge AI Pumping?
ArbDoge (AIDOGE) price has been in a downward spiral since hitting its all-time high on 1st May 2023. AIDOGE price surged to $0.000000001118, generating exponential returns for the meme coin holders. However, the late entrants are sitting at massive unrealized losses as the coin lacks new buyers at the moment.
On Tuesday, crypto markets are trading sideways as the BTC price tries to reclaim the $28,000 level. ArbDoge price showed a negative price action as the price plummeted another 3.3%. The latest analysis shows that the price has a massive downside due to a bearish formation.
What is ArbDoge AI?
As the name suggests, ArbDoge Ai (AIDOGE) is another dog on the block. This coin is unique in the sense as it tries to merge the old dogcoin narrative with the latest AI narrative. This has caused a massive surge in its price as its market cap currently sits at around $50 million.
Due to the rise of new meme coins in 2023, AIDoge price has failed to perform well. Many older memecoins like DOGE, SHIB, Kishu Inu, etc. have also failed to gain any market share from the ongoing meme coin season. However, the meme coin investors want the price to recover ASAP.
AIDOGE Price Hangs By A Thread
It is very difficult to predict the price action of a meme coin like ArbDoge AI. The price surged at the end of April as the meme coin season reached its week. Since then, the price has been in a major downtrend. Technical analysis also reveals that there has been a formation of the symmetrical triangle on 4H chart.
AIDoge price prediction will become extremely bearish if it breaks below this triangle pattern. This will put another 50% downside on the cards as the bears will get the much-needed momentum. If you’re holding ArbDoge AI, then you must watch the price action carefully.
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