The Dogecoin price has remained in a prolonged downtrend since last year, mirroring the broader crypto market meltdown. Although the meme coin initiated a slight recovery in recent weeks, its momentum was not strong enough to sustain the rally. With Dogecoin now trading near $0.10, a crypto analyst suggests the meme coin has reached a critical decision point that could trigger a bullish wave of more than 100%.
Dogecoin Price Enters Key Decision Level
Market analyst Erick Crypto has released a new Dogecoin price outlook on X, noting that the meme coin has hit a major decision point. He noted that after enduring months of steady downward movement, DOGE is now compressing just below a key resistance level.
According to Erick Crypto, a descending trendline and horizontal support on the price chart are now acting as a critical decision zone around the $0.10 level. Based on the analysis, this area represents a battleground where buyers and sellers are competing for control after an extended downtrend.
Erick Crypto has projected that if Dogecoin can hold the $0.10 level and eventually break above the descending trendline, then its momentum could change rapidly. He explained that such a breakout would signal the end of Dogecoin’s prolonged compression, triggering a strong price rally toward $0.25. With DOGE currently trading below $0.1, this would represent an increase of approximately 150%.
Supporting his bullish thesis, Erick Crypto noted that liquidity is resting below DOGE’s current price level on the chart, creating the conditions for a larger move higher. He described the meme coin’s current setup as one of compression followed by potential expansion, suggesting that DOGE’s extended decline does not reflect weakness but a temporary pause before a renewed bullish wave.
Analyst Says DOGE Still Lacks Strength
In a separate analysis, crypto market expert Trader Tardigrade discussed a similar descending trendline that formed on the Dogecoin chart following an extended decline. However, he offers a more cautious outlook for the meme coin’s price.
According to him, Dogecoin is currently holding firmly to the descending trendline around $0.10, but its momentum remains weak. He noted that the meme coin recently began trading above the trendline after a recent “back test.” As a result,, Trader Tardigrade believes that Dogecoin’s broader market structure remains bullish, even though it currently lacks strength.
He explained that before DOGE can confirm a breakout, its price must build more buying pressure. Once this breakout occurs, the analyst expects the meme coin to climb sharply toward $0.15, reflecting a roughly 50% from current levels around $0.10. He added that traders and investors should watch closely for rising volume and stronger candles. Until then, he maintains that the market should remain cautiously optimistic.
Featured image from Getty Images, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
Credit: Source link
