Dogecoin (DOGE) has been taking a beating lately, but some analysts see signs of a potential rebound. Let’s look at what they’re saying.
A “Channel Down” Pattern Suggests a Bounce
One analyst, TradingShot, spotted a “channel down” pattern on DOGE’s chart. This pattern suggests a possible bounce above $0.30. They explained that DOGE’s price has been falling within a two-month channel, which, on a larger scale, could be a “bull flag” – a technical pattern suggesting a continuation of an upward trend.
TradingShot also pointed out that DOGE’s price recently hit its 200-day moving average for the first time since October 25, 2024, after a significant sell-off. Even if this is just a short-term pattern, the recent low price might mark a bottom. The analyst predicts a bullish move towards $0.38, based on Fibonacci retracement levels. This prediction is further supported by DOGE being in “oversold” territory, meaning it’s been oversold in the market. This followed a 40% drop to as low as $0.20 after recent market turmoil. Prices have since recovered slightly following a pause on tariffs by the US, Mexico, and Canada.
More Positive Predictions
Other analysts are also optimistic. Kevin Capital believes DOGE has just finished its second major correction and should soon start its next upward leg, mirroring its previous cycle. This prediction hinges on Bitcoin’s price performance.
Trader Tardigrade added to the positive sentiment, noting a bullish crossover on DOGE’s 4-hour MACD chart, indicating upward momentum.
Current Price and Conclusion
At the time of writing, DOGE is trading around $0.26, up over 13% in the last 24 hours. While still below the key $0.30 level, the combination of technical analysis and analyst predictions suggests a potential bounce back for Dogecoin is on the horizon.
