Crypto analyst Bithereum, who predicted the Dogecoin price crash below the $0.2 level, has revealed the rest of his forecast for the foremost meme coin. Based on this, DOGE could soon witness a bullish reversal and rally to its local high of $0.45.
What Next For The Dogecoin Price
In a TradingView post, Bithereum revealed that the Dogecoin price was moving inside a falling wedge and could test the support level of $0.20197 and the ultimate support zone. This eventually happened with Dogecoin dropping to as low as $0.2 following the recent market crash.
The crypto analyst further suggested that the Dogecoin price could rebound to $0.2 following the crash. He advised market participants to set their buy orders at this level and revealed that the targets for a potential rebound are $0.30998, $0.37154, and $0.45918. His accompanying chart showed that a rebound to as high as $0.45918 could happen between now and March.
Indeed, this Dogecoin price rebound could be imminent, especially with crypto analysts like Kevin Capital suggesting that the Bitcoin price could soon rebound. Given the strong price correlation between both coins, DOGE would likely reverse to the upside as the Bitcoin price rebounds.
A Dogecoin price rally to the local high of $0.45 is significant as it could pave the way for a further rally to DOGE’s current all-time high (ATH) of $0.7. Crypto analyst Basic Trading also recently predicted that Dogecoin could reach as high as $5 if it successfully reclaims the $0.5 price level. He made this prediction based on his belief that the foremost meme coin could replicate its previous bull cycle performances in this market cycle.
More Reasons Why DOGE Could Rebound From This Level
In an X post, crypto analyst Trader Tardigrade revealed that DOGE’s 100 Exponential Moving Average (EMA) is supporting the Dogecoin price well. The analyst highlighted similarities between the current price action and last year’s, around this same period. His accompanying chart suggested that Dogecoin could rebound like it did in 2024. This time, he predicts that the foremost meme coin could rally to as high as $1.7 as it records a bullish reversal.
Meanwhile, crypto analyst Master Kenobi noted that the Dogecoin price is at a critical trend line that has consistently provided support over the past year. This trend line also acted as the launchpad for the rally that started precisely one year ago. The crypto analyst added that DOGE’s Relative Strength Index (RSI) is at its lowest point since March 2023. In line with this, he remarked that there are plenty of reasons to anticipate a strong reversal.
At the time of writing, the DOGE price is trading at around $0.21, up in the last 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
Credit: Source link
