Dogecoin Bounces Off Key Support Following Crash Below $0.1
Dogecoin (DOGE) experienced a substantial impact during the recent crypto market crash. However, with the market beginning to recover, the meme coin is showing signs of life and is aiming to reclaim the psychological support level of $0.1, having bounced off a key support point.
Dogecoin Bounces Off Key Support With $0.1 In Sight
Crypto analyst World of Charts mentioned that Dogecoin is bouncing from the key support at $0.09. The analyst revealed that he will be adding to his position for the long term as this recent crash can potentially yield “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. Crypto Kaleo suggested that the recent price crash for DOGE was a significant investment opportunity considering the heights the meme coin could still reach in this bull run.
The analyst labeled the drop below $0.1 as a “gift” and predicted that Dogecoin might still rise to $1 in the next few months. In a more recent analysis, Crypto Kaleo opined that the worst is over for DOGE and that the drop to around $0.08 was likely the bottom.
He explained that he feels positive about where major cap tokens have currently dipped to and doesn’t foresee them going much lower. As such, Dogecoin is unlikely to dip to between $0.06 and $0.07, which he had expected earlier. According to Crypto Kaleo, Dogecoin will experience “several months of chop” in the $0.08 to $0.13 range before it enjoys a parabolic rally to $1 in early 2025.
DOGE Not Yet Out Of The Woods
Crypto analyst Kevin Capital 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, Kevin Capital noted that the foremost meme coin showed a lot of “resilience” by closing the three-day candle above the three-day 200 simple moving average (SMA). He further remarked that Dogecoin’s successful breakout 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, having once predicted that the meme coin could rise as high as $3 in this market cycle.
At the time of writing, Dogecoin is trading around $0.098, down almost 24% in the last 24 hours.
