7 August 2024
Dogecoin (DOGE) was one of the tokens significantly affected by the recent crypto market crash. With the crypto market recovering, the meme coin is showing signs of life and is looking to reclaim the psychological support level of $0.1, having bounced off key support.
Dogecoin Bounces Off Key Support With $0.1 In Sight
Crypto analyst World of Charts mentioned in an X (formerly Twitter) post that Dogecoin is bouncing from the key support at $0.09. In line with this, the analyst revealed that he will be adding to his position for the long term as this recent crash can give “massive returns” in the coming months.
Crypto analyst Crypto Kaleo highlighted Dogecoin’s impressive bounce above $0.09, with the critical support level of $0.1 currently in sight for the foremost meme coin. Like World of Charts, Crypto Kaleo also suggested that the recent price crash for DOGE was a massive investment opportunity considering the heights the meme coin could still reach in this bull run.
The analyst labelled the drop below $0.1 as a “gift” while predicting that Dogecoin will still rise to $1 in the next few months. In a more recent analysis, Crypto Kaleo opined that the worst is over for Dogecoin and that DOGE’s drop to around $0.08 was likely the bottom.
He explained that he feels good about where major cap tokens have currently dipped to and doesn’t see them going much lower. As such, Dogecoin is unlikely to dip to between $0.06 and $0.07, which he had expected earlier. As to what is next for Dogecoin, Crypto Kaleo mentioned that the meme coin will experience “several months of chop” in the $0.08 to $0.13 range before it enjoys that parabolic rally to $1 in early 2025.
DOGE Not Yet Out Of The Woods
Crypto analyst Kevin Capital (formerly OG Yomi) recently offered a different view and suggested that DOGE could still experience a significant price drop before reclaiming the $0.1 support zone. The analyst claimed that Dogecoin is “definitely” still in a downtrend and “has a lot of work to do” before it can flip bullish on its current price structure.
However, he noted that the foremost meme coin showed a lot of “resilience” to close the three-day candle above the three-day 200 simple moving average (SMA). He further remarked that Dogecoin’s successful break out above $0.143 would be key to creating a new bullish structure. Kevin is one of the crypto analysts who is most bullish on Dogecoin, as he once predicted that the meme coin could rise to as high as $3 in this market cycle.
At the time of writing, Dogecoin is trading around $0.098, down almost in the last 24 hours, according to data from CoinMarketCap.