Dogecoin saw its price crash once again after a month of upward movement in April. This downturn has affected sentiment once again, pushing investors back into the fear territory. However, this might only be a small blip in the radar as the Dogecoin price could be ready for a rebound. One crypto analyst in particular has said that it is possible that the Dogecoin price has marked a bottom.
Dogecoin Price Might Have Bottomed After Crash
Crypto analyst Astronomer has called a possible bottom for the Dogecoin price after the rejection from $0.18. The analyst points out that the last time that the meme coin had similar fundamentals was back in October 2024, before the Dogecoin price rallied around 500% to a new local peak of $0.5.
This time around, the crypto analyst believes that the current fundamentals is the same as back in 2024, as the altcoin market would be bottoming out. But this time around, Astronomer is expecting that the Dogecoin price would rally higher than it did before.
At this level, it is expected that the Dogecoin price will reverse and bring a lot of rewards for investors. “IMO, given this is an altcoin and the expectations are likely beyond 0.5$, having heavy spot bags already pays for little risk,” Astronomer said. “If you want a defined risk for a defined reward, I think a long as presented also makes sense.”
Reversal Pattern In The Works
The Dogecoin price is eyeing a reversal pattern after putting in a possible bottom. This was highlighted by another crypto analyst who has shown that the meme coin is showing a bullish divergence on the chart. At this level, it is the RSI that is bullish and the analyst believes a break above the 0.206 level from here would be positive for the price.
With bullish sentiment recovering, it is giving the Dogecoin price the push it needs to move upwards. Also, if the meme coin is able to close above the trend line shown in the chart below, it is expected to turn bullish for the price.
The first major target for the price is the resistance at $0.2, which is what the bulls need to beat. After this is when the $0.27 level comes into play, and the final target for 100% increase lies above $0.33.
Credit: Source link
