Dogecoin (DOGE) is currently experiencing a downward trend, aligning with the broader crypto market trend. Despite this prevailing bearish period, analysts and experts remain bullish about the meme coin’s potential uptrend. However, the Dogecoin price could plummet to $0.015, if it fails to challenge the significant support level.
Will Dogecoin Price Slip to $0.015?
According to Ali Martinez’s analysis, Dogecoin’s price has been following an ascending channel since 2014. Historically, DOGE has bounced back from the channel’s lower support trendline to the upper resistance trendline, only to drop back down.
However, DOGE has now reached a critical juncture. If it breaks below the $0.19 support level, it may trigger a sharp correction to $0.015.
This bearish prediction aligns with DOGE’s current performance. As of press time, DOGE is trading at $0.2029, with a dip of 2.87% over the last day. Despite a 7-day increase of 7.5%, Dogecoin plummeted by 23% over the past month.
Is a Rebound Possible?
Though analyst Ali Martinez cautions traders about a possible pullback, others remain optimistic about Dogecoin price. Solbert Invest predicts a potential big move for DOGE, with $0.17 being the possible bottom. His notable forecasts for Dogecoin price include $0.57 and $0.82. He wrote on X, “DOGE is testing macro support—if it holds and we bounce, these targets could be in play.”
The surge in optimism for Dogecoin’s price is fueled by increased activity among DOGE “whales.” Recently, DOGE whales have snapped up over 150 million tokens, hinting at a potential price surge.
Furthermore, analyst Crypto Patel has identified the current levels as a key accumulation zone for DOGE, suggesting that investors are buying up the cryptocurrency in anticipation of a bullish rally.
Dogecoin Price May Reach $2.5 and Beyond
In Crypto Patel’s analysis, Dogecoin price is poised to reach $2.5 triggered by this accumulation zone. The technical analysis chart presented by Crypto Patel showcases Dogecoin repeating historical patterns. As per the chart, $0.320, $0.585, $1.501, and $2.5 are Dogecoin’s critical levels ahead.
Meanwhile, another popular platform, Crypto Daily Trade Signals, forecasted the DOGE’s bullish trajectory to $5. They presented an average directional index (ADX) chart for DOGE, highlighting the meme coin’s historical patterns that suggest a potential rebound. According to Dogecoin price prediction, the meme coin has the potential to hit $2020430 by 2025.
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