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JP Morgan Analyst Predict Bear Move for Doge and Robinhood

An analyst at JP Morgan has maintained that Doge and Robinhood are set for a bearish market move. JP Morgan analyst, Kenneth Worthington, said that the weak trading volume of dogecoin and Robinhood stock will be the strongest factor behind a bearish market. Worthington believes that the low trading volume of dogecoin on Robinhood suggests that selling pressure is building and that it might happen sooner rather than later.

Robinhood trades at 39.59 USD having reduced by −1.69 (4.09%) as of press time. Worthington said that he believes that the stock will make a move to the $35 region because dogecoin accounts for most of Robinhood’s revenue. Dogecoin pulled in 62% of Robinhood’s second-quarter revenue for crypto-based activities. The coin has done around 15% since September,do but Robinhood has not recorded a higher trading volume within that period.

Robinhood’s share lockup period is due to expire on December 1; 500,000 shares would be unlocked that day. Kenneth Worthington believes that selling pressure might build up until that period and cause a further drop in the company’s stocks. A possible change might however emerge if Robinhood is able to hit higher trading volumes in the coming weeks and if dogecoin performs higher to pull in more traders. Robinhood will announce its third-quarter revenue on Tuesday, Oct. 26.

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Dogecoin Price Movement

Since its launch in 2013, dogecoin has performed beyond the expectations of its founders, Billy Markus and Jackson Palmer, who developed the project as a joke. Dogecoin currently trades on coinmarketcap at $0.2462, having lost 0.39%. The trading volume has increased by 39.85% to reach $1,941,856,436. On the weekly chart, doge looks to be on a bullish run, having formed three small candles with the current candle being an inverted hammer. The uptrend is slow and looks to be weak. It is necessary that the trading volume increases in the future to have any real impact on the price.

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Doge is expected to become more popular in the future as more brands adopt it. Recently, AMC announced that it would begin accepting dogecoin as payment. Doge has also signed a deal with English Football club, Watford, and has become its official shirt sleeve sponsor. Elon Musk seems not to be resting on his oars; he has consistently talked about dogecoin and even referred to it as bigger and better than bitcoin and ethereum in terms of use and friendliness.

Robinhood Financial Market

Robinhood was founded in April 2013 by Vladimir Tenev and Baiju Bhatt, two American tech creators who made it a mission to provide access to the financial market to anyone, not just the rich. Robinhood listed dogecoin in 2018 and opened its platform for traders to explore the coin and its pairs. In 2021, Robinhood reported that about 62% of its revenue came from the profits it made from dogecoin transactions. The company has continued to post quarterly revenue reports that suggest that an increase in the trading volume of dogecoin on its platform will boost its revenue stream.

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Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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