Dogecoin bounces off key support after falling below $0.1
Dogecoin (DOGE) was one of the tokens significantly affected by the recent crypto market crash. Amid the crypto market recovery, the meme coin is showing signs of life and is looking to regain the psychological support level of $0.1 by bouncing off key support.
Dogecoin bounces off key support With a probability of $ 0.1
World of Charts crypto analyst mentioned in a post on X (formerly Twitter) that Dogecoin is bouncing off key support at $0.09. In line with this, the analyst said that he would be building up his position in the long term as this recent collapse could bring "huge gains" in the coming months
Crypto analyst Crypto Kaleo highlighted Dogecoin's impressive bounce above $0.09, with a critical support level of $0.1 currently visible for the leading meme coin. Like World of Charts, Crypto Kaleo also suggested that the recent DOGE price collapse was a huge investment opportunity given the heights the meme coin can still reach in this bullish round.
The analyst called the drop below $0.1 a "gift," predicting that Dogecoin will still rise to $1 in the next few months. In a more recent Crypto analysis, Kaleo opined that the worst was over for Dogecoin and that DOGE's drop to around $0.08 was probably the bottom.
He explained that he is happy with where the core capitalization tokens have currently fallen to and doesn't see them falling much lower. Thus, Dogecoin is unlikely to fall to the $0.06 to $0.07 level that he previously expected. As for what's in store for Dogecoin next, Crypto Kaleo mentioned that the meme coin will experience "several months of decline" in the range of $ 0.08 to $ 0.13 before it reaches a parabolic rise to $ 1 in early 2025.
DOGE Not Out of Trouble Yet
Crypto analyst Kevin Capital (formerly OG Yomi) recently took a different view and suggested that DOGE could still experience a significant price drop before regaining the $0.1 support zone. The analyst stated that Dogecoin is "definitely" still in a downtrend and it "has a lot of work to do" before it can change its current price structure to a bullish one.
However, he noted that the leading meme coin has shown great "resilience" by closing the three-day candle above the three-day 200 simple moving average (SMA). He also noted that started in a successful breakout above $0.143 would be key to creating a new bullish trend. Kevin is one of the crypto analysts who is most optimistic about Dogecoin, as he once predicted that the meme coin could grow to $3 in this market cycle. $DOGE
