As a seasoned crypto investor with over a decade of experience navigating market cycles and trends, I’ve learned to never underestimate the resilience of meme coins like Dogecoin (DOGE). The recent market crash was a tough blow, but the bounce back from key support at $0.09 gives me reason for cautious optimism.
In simpler terms, following a significant downturn in the cryptocurrency market, Dogecoin (DOGE) was among those tokens impacted. However, as the crypto market recovers, Dogecoin, often referred to as a “meme coin,” is displaying renewed activity and aiming to regain its $0.1 psychological support level, having rebounded from crucial support points.
Dogecoin Bounces Off Key Support With $0.1 In Sight
Crypto expert World of Charts stated on X (previously Twitter) that Dogecoin is rebounding from a crucial support level at $0.09. Following this trend, the analyst plans to increase his investment for the long term since this recent decline could lead to substantial profits in the upcoming months.
Crypto expert Crypto Kaleo pointed out that Dogecoin has made a significant rebound over $0.09, and the important support level of $0.1 is now within reach for the leading meme currency. Similar to World of Charts, Crypto Kaleo views the recent drop in DOGE‘s price as a potential investment goldmine due to the potential heights that the meme coin might attain during this bull market.
The analyst considered the dip below 10 cents as an “opportunity” when forecasting that Dogecoin could reach $1 in the coming months. More recently, Crypto Kaleo suggested that the hardest part might be over for Dogecoin and that the fall to approximately 8 cents was probably the lowest point.
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 expert Kevin Capital (previously known as OG Yomi) has expressed an alternative perspective, predicting that Dogecoin (DOGE) may face a potential steep decline before regaining the $0.1 support level. According to his analysis, Dogecoin is currently in a downward trend and needs substantial effort to reverse course and become bullish based on its current price framework.
Nevertheless, he pointed out that the leading meme cryptocurrency demonstrated remarkable “strength” to finish the three-day period above its three-day 200 simple moving average (SMA). Additionally, he emphasized that Dogecoin’s ability to surpass $0.143 significantly would be instrumental in forming a fresh bullish trend. Notably, Kevin is among the crypto analysts who are highly optimistic about Dogecoin, as he previously forecasted that the meme coin might reach up to $3 during this market cycle.
Currently, as I’m typing this, Dogecoin is being exchanged at approximately $0.098. However, it has seen a significant decrease nearly throughout the past 24 hours, based on statistics provided by CoinMarketCap.
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2024-08-08 02:10