In contrast to other meme coins and prominent cryptocurrencies in the crypto sphere, Dogecoin’s performance has been notably underwhelming. While Bitcoin makes strides towards its past peaks, Dogecoin’s price has remained subdued. However, this trend might shift soon, according to an analyst who foresees an impending reversal.
The Dogecoin price is now within the buy zone.
After sliding below the $0.09 mark, Dogecoin bulls faced challenges in maintaining price control. With increasing bearish and selling pressures, the most optimistic scenario involved the meme coin re-entering an accumulation zone for added support.
Crypto analyst CryptoCheck, active on TradingView, suggests that Dogecoin may have recently entered this buy zone. The analyst conducted a thorough examination of DOGE’s price across various time frames, including the four-hour and weekly frames, constructing a bullish narrative for the coin.
On the four-hour timeframe, the meme coin displayed notable strength during a market recovery. Transitioning to the weekly timeframe, the analyst identified a buy signal for Dogecoin, signaling an opportune moment for investors to re-enter the market. This buy signal is situated between the $0.078 and $0.084 levels.
Coincidentally, these highlighted buying levels align with the analysis of crypto analyst Skew, who asserted that the risk-reward above $0.087 is more favorable for investors seeking to enter the asset. These levels represent a potentially optimal buying opportunity before the anticipated upward movement.
The price of DOGE might experience an 800% surge.
CryptoCheck’s analyst foresees significant upside potential for Dogecoin’s price. They highlight the transition of DOGE from a joke to a prominent cryptocurrency, attributing its success to the continuous support from the community in fostering growth and development.
Despite the positive outlook for 2024, the analyst acknowledges a bearish sentiment in the short term. According to CryptoCheck, Dogecoin’s price must establish support before experiencing further upward movement, and the existing downward trend indicates that the necessary support hasn’t been identified at current levels.
Several upcoming developments, such as Elon Musk’s X launching a peer-to-peer payments platform, are anticipated to contribute to Dogecoin’s potential surge. The community’s ongoing support and the coin’s evolving role in such projects underscore the optimistic outlook for its future.