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The Dogecoin price has crashed alongside the rest of the crypto market, and this has led to the break of a very important support level. This crash below $0.18 has signaled a turn in the tide, and this could trigger the next wave of declines. A crypto analyst had previously predicted this market decline, calling it before it began. However, it is not all bad news for the meme coin as longer timeframes offer more bullish options as time goes by.
Dogecoin Price Still Bullish On The Long-Term
Crypto analyst Master Ananda forecasted in a TradingView post where the Dogecoin price could be headed next. At the time of the post, the Dogecoin price was still trading close to the $0.2 level, and the market was still on an upward trajectory. While positive sentiment seemed to be returning to the market at that time, the analyst was calling out the possibility of a pullback.
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Master Ananda explained that the Dogecoin price was still quite bearish, but this was only on the short-term timeframe. This leaves out only the long-term timeframe for the bullishness, and so far, the meme coin’s market trend seems to be playing out the way the crypto analyst predicted.
He called for a correction, using the April 2025 low as a basis and the lower highs that had formed as a result. This had begun back in December 2024 when the Dogecoin price had begun putting in lower highs, suggesting that there was bearishness building up in the market.
Presently, as the Dogecoin price has dropped back below the $0.18 support, the analyst simply pointed out that it was a continuation of the decline that had begun on May 11 after the market recovery. While this is bearish for the short-term, suggesting there could be a bit more correction to go, the analyst doesn’t expect it to last long.
Where Could The DOGE Price Go From Here
As for the bottom of the current Dogecoin price correction, Master Ananda expects the price to bottom above the April 7 lows, which were above $0.13. This would put the meme coin at around $0.15 before the bottom is in, and then the recovery is expected to begin.
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The crypto analyst urged investors, especially those holding spot bags, to wait for the dust to settle. After this, he expects the altcoin to turn bullish again. For traders going short, he advises caution and not to hold the trade for too long, as the range is short.
“We are very likely to get a higher low compared to 7-April,” Master Ananda predicted. “If too many leveraged positions are open though and the market wants to remove those, there can be a long wick that pierces support for the action to recover the next day.”
Featured image from Dall.E, chart from TradingView.com
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