Crypto Analyst Anticipates 800% Surge as Dogecoin Enters Favorable Buying Range
Compared to other meme coins and larger market cap cryptocurrencies, Dogecoin’s performance has been lackluster. However, a prominent crypto analyst predicts that this could soon change, foreseeing a reversal in the near future.
After slipping below the $0.09 level, Dogecoin has struggled to regain control over its price. With bearish sentiment prevailing, the best-case scenario was that the meme coin would reenter an accumulation zone that could serve as a support level.
CryptoCheck, a respected analyst on TradingView, suggests that Dogecoin has finally entered into this buying range. By examining different time frames, such as the four-hour and weekly charts, the analyst develops a bullish narrative for the coin.
When assessing the four-hour timeframe, the analyst points out that DOGE displayed considerable strength amidst the recent crypto market recovery. Moving on to the weekly timeframe, they highlight a buy signal for investors, situated between the $0.078 and $0.084 price levels.
These identified buy levels align with the analysis of another crypto analyst, Skew, who believes that there is higher potential for investors above the $0.087 mark. Therefore, these levels could present an excellent buying opportunity before the next significant upward movement.
Moreover, CryptoCheck’s analyst suggests that Dogecoin has the potential to rise by a staggering 800%. The analyst attributes this potential to the community’s unwavering support, which has propelled Dogecoin from a mere meme to a prominent cryptocurrency. Notably, the upcoming launch of Elon Musk’s X’s peer-to-peer payments platform is expected to further boost Dogecoin’s growth and adoption.
However, the analyst notes that Dogecoin remains relatively bearish in the short term. Establishing stable support levels is crucial before any potential upward movement can occur. As such, cautious market observation is advised to gauge whether the current levels will serve as strong support.
Please note that this article is for educational purposes only and does not constitute investment advice. It is essential to conduct your own research and understand the risks associated with investing before making any decisions. Use the information provided in this text at your own discretion.