Dogecoin took a hit during the recent crypto market crash, but analysts are offering different perspectives on its future.
Dogecoin’s Bounce Back?
Crypto analyst BitGuru noticed Dogecoin recently bounced off a key support level around $0.143. They believe this could signal a bullish reversal, potentially pushing the price towards $0.16, $0.18, and maybe even back to $0.205. This optimism is partly fueled by Bitcoin’s recent recovery after its own dip below $75,000. A sustained Bitcoin upswing could positively impact Dogecoin.
Obstacles Ahead
However, the situation isn’t entirely rosy. The ongoing trade tensions between the US and China, particularly the threat of new tariffs, could significantly impact Dogecoin and other cryptocurrencies. This global uncertainty is a major headwind for the market.
Bullish Signals?
Another analyst, Kevin Capital, spotted a “clean” bullish divergence in Dogecoin’s daily chart. This is a positive technical indicator that suggests a price reversal might be on the horizon. They also pointed out that Dogecoin briefly dipped below a crucial support level around $0.14 but managed to recover, closing the day above it. Losing this support could signal the end of the current bull market, a point echoed by analyst Master Kenobi.
Current Status
At the time of writing, Dogecoin is trading around $0.15, showing a 5% increase in the last 24 hours. While this is positive, the overall outlook remains uncertain, with both bullish and bearish indicators present.
