After showing strong upward movement in April, Dogecoin's price has taken a hit once again, shaking investor confidence. The recent dip has dragged market sentiment back into fear territory. However, some analysts believe this could be a short-term setback rather than the start of a deeper decline.
Currently Dogecoin price trading at $0.1706 as per Coinpedia Market data.
For a more detailed Dogecoin price prediction 2030, check out our full analysis!
Analyst Suggests Dogecoin May Have Found a Bottom
Crypto analyst Astronomer believes that Dogecoin may have already hit its bottom following its rejection at the $0.18 level. He compares the current setup to October 2024, when similar market conditions preceded a massive 500% rally that took DOGE to around $0.50.
According to the analyst, the broader altcoin market appears to be bottoming out again, and this could lead Dogecoin to another strong rally—possibly even higher than the previous run.
Why the Risk May Be Worth It
At current levels, Astronomer sees a good risk-to-reward opportunity for investors. He stated, “In my opinion, given this is an altcoin and expectations are likely beyond $0.50, holding strong spot positions carries low risk and high reward.” He also noted that a defined long position could make sense for those seeking structured risk.
Bullish Reversal Pattern May Be Forming
Another analyst has pointed out a potential bullish reversal pattern forming on Dogecoin’s chart. The Relative Strength Index (RSI) is showing a bullish divergence, which could be an early sign of a trend change.
If Dogecoin manages to break above the $0.206 level and close above a key trendline, it could signal the beginning of a new upward move.
Key Levels to Watch
The immediate resistance for Dogecoin lies at $0.20. A breakout above this level would likely bring $0.27 into focus. Beyond that, the next major target is $0.33, representing a potential 100% gain from current levels.
Despite the recent pullback, market signals suggest Dogecoin may be poised for a rebound. With bullish indicators emerging and analysts pointing to strong upside potential, the coming weeks could be crucial for DOGE investors watching for a trend reversal.