Dogecoin’s price has been hanging around $0.33 lately, and that’s actually a pretty big deal. A crypto analyst, Trader Tardigrade, thinks we might be seeing the start of a big price turnaround.
Holding Above a Key Support Line
Dogecoin has stayed above a crucial support line around $0.315. This line has been important since mid-December 2024. After briefly dipping below $0.27 in December, Dogecoin bounced back, forming what looks like a “selling climax.” But this might not be the end of the correction; it could be part of a longer process.
The “Selling Climax Bottom”
Trader Tardigrade believes Dogecoin is forming a “selling climax bottom,” a pattern that often precedes a price recovery. The recent price surge to $0.39, followed by a retest of the $0.315 support, is seen as confirmation of this pattern. Holding above this level is a good sign for a potential upward trend.
Signs of Strength
There are other positive signs. On-chain data suggests some big Dogecoin investors (“whales”) have been buying recently, accumulating over 470 million DOGE in the last 48 hours. Their total holdings are now at their highest in over a month.
Price Prediction
Trader Tardigrade predicts Dogecoin could hit $0.66 in the coming weeks, based on this potential bounce from the selling climax bottom. Currently, Dogecoin is trading at around $0.33, slightly up for the day.
