Dogecoin Bottom Not In? Analyst Warns
Dogecoin Bottom Not In? Analyst Warns
Dogecoin (DOGE) is retesting a key multi-year support, sparking debate about its potential bottom. The primary keyword dogecoin bottom is on everyone's mind as analysts weigh in.
Dogecoin's Macro Downtrend
Dogecoin lost its multi-year macro uptrend in November, confirming a macro downtrend that started after its cycle peak of $0.484 during the late 2024 bull run. Analyst Rekt Capital notes that historically, the cryptocurrency has not retested the macro downtrend line until the price is ready to break it and post-breakout retest it.
Key Levels to Watch
- The current range low, which is also a key reaction zone that previously acted as resistance before turning into support in 2024.
- The Range High resistance (red region), which could reject the price and lead to a substantial fall.
Dogecoin Price Forecast
Despite the bearish forecast, other market watchers have shared a more optimistic outlook for the memecoin. Analyst Trader Tardigrade believes that Dogecoin may have reached its bottom already and could be preparing for its next bull run, citing the retest of a historical support trendline that has held for roughly a decade.
Past Performance
The first touch in 2017 led to an explosive rally toward its 2018 $0.017 all-time high (ATH), while the second retest in 2021 was followed by a massive surge toward its current ATH of $0.731. If Dogecoin follows its past performances, it could begin recovering in the short- to mid-term before a massive price expansion to new highs in the mid- to long-term.
Key Takeaways
- Dogecoin is retesting a key multi-year support, sparking debate about its potential bottom.
- The macro downtrend that started in November is unlikely to be over soon, according to Rekt Capital.
- Some analysts believe that Dogecoin may have reached its bottom already and could be preparing for its next bull run.
- The cryptocurrency's price could see a rebound as part of a range-bound cluster in the meantime.
Frequently Asked Questions
What is the current price of Dogecoin?
The current price of Dogecoin is around $0.090, which is a key reaction zone that previously acted as resistance before turning into support in 2024.
Will Dogecoin reach a new all-time high?
Some analysts believe that Dogecoin could reach a new all-time high in the mid- to long-term, citing its past performances and the retest of a historical support trendline that has held for roughly a decade.
