2024

Dogecoin

HOLD

Dogecoin suffered a significant crash in the bloodbath that rocked the crypto market earlier this week, notching double-digit losses in the process. This has sent its support lower, and $0.112-$0.123 is now the level to hold for <a href="https://bitcoinist.com/dogecoin-outperform-bitcoin/">the meme coin</a>. But what if it falls below this support? 
<h2 class="p2" id="dogecoin-must-hold-support-at-0-112-0-123">Dogecoin Must Hold Support At $0.112-$0.123</h2> 
Crypto analyst YG Crypto, in an <a href="https://x.com/ygcrypto/status/1785647800686096467" rel="nofollow" target="_blank">analysis</a>, identified $0.112-$0.123 as the major support levels for Dogecoin after the price crash. In the post that was made on X (formerly Twitter), the crypto analyst explained that these levels are important due to the fact that they have prevent massive price crashes for Dogecoin in the past. 
As such, the meme coin needs to maintain above this level to continue its bullish trend. As of the early hours of Thursday, the <a href="https://bitcoinist.com/dogecoin-accumulation-zone/">DOGE price </a>continues to trade above the higher band of this level, suggesting that the support at $0.123 is significant. 
However, YG Crypto warned that if it ends up unable to hold, it could be disastrous for the price. “If the price breaks below this support, it could signal further downward pressure,” the crypto analyst warned. Further, a breakdown below the lower band of this support would constitute another 15% crash, leading to a cumulative 50% decline in the <a href="https://bitcoinist.com/crypto-analyst-says-dogecoin-could-rally-2500-presents-possible-targets/">DOGE</a> price from its 2024 peak. 
<blockquote class="twitter-tweet"> 
 <a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$DOGE</a> After the Dive: Will Support HOLD OR FOLD? <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1fae2.png" alt="🫢" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#Dogecoin</a> soared to $0.228 before a recent correction that saw prices plummet over 40%. Despite the drop<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f53b.png" alt="🔻" class="wp-smiley" style="height: 1em; max-height: 1em;">, <a href="https://twitter.com/hashtag/DOGE?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#DOGE</a> is still trading above the crucial support level of $0.112-$0.123. 
 This area previously prevented a steeper… <a href="https://t.co/JisClhaNlO" rel="nofollow" target="_blank">pic.twitter.com/JisClhaNlO</a> 
 — YG crypto (@ygcrypto) <a href="https://twitter.com/ygcrypto/status/1785647800686096467?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">May 1, 2024</a>
</blockquote> 
If Dogecoin is able to maintain this support, then buying here could be a unique opportunity. However, the analyst also expressed that technical indicators are not the only useful tools, as market sentiment can also play a big role in <a href="https://bitcoinist.com/bitcoin-dogecoin-top-holder-cardano-ethereum/">where the price could be headed next</a>. 
<h2 class="p2" id="doge-price-could-break-out-higher">DOGE Price Could Break Out Higher</h2> 
While the fundamentals seem to be <a href="https://bitcoinist.com/betting-on-dogecoin-to-1/">turning bearish for Dogecoin right now</a>, not all analysts are expecting a price decline. One of these bullish crypto analysts is Ali Martinez, who has identified a formation in the DOGE price chart that hasn’t been seem nice 2021. 
Martinez <a href="https://x.com/ali_charts/status/1785808734788173993" rel="nofollow" target="_blank">explained</a> in his analysis that the Dogecoin price had finally broken out of a descending triangle, something that has been historically bullish for the price. At the same time, the crypto analyst calmed investors’ fears, saying that the current 40% drawdown in the meme coin’s price is par for the course going by historical performance. 
According to the analyst, the <a href="https://bitcoinist.com/dogecoin-contributor-alert-on-memecoins/">DOGE</a> price had seen a similar 40% decline in 2017 before breaking out of a descending triangle. The result of this breakout was a 982% bull run that sent the price to new all-time highs. A similar trend was registered in 2021 as well, when the <a href="https://bitcoinist.com/can-dogecoin-reach-0-2/">DOGE price</a> fell 56% before breaking out of a descending triangle. This time around, Dogecoin went on its legendary 12,197% rally to reach a new all-time high as well. 
Since the meme coin seems to be closely following this trend, the belief that it will do the same thing has become stronger. In the case of 2024, the price has seen a 40% drawdown and has now broken out of a descending triangle. If history rhymes once more, the analyst believes that <a href="https://bitcoinist.com/pepe-flip-dogecoin-shiba-inu/">DOGE</a> can rally 4,600% to $6. 
<blockquote class="twitter-tweet"> 
 Now, in 2024, <a href="https://twitter.com/hashtag/DOGE?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#DOGE</a> has yet again broken out of a descending triangle! 
 It is currently undergoing a 47% price correction, very similar to previous cycles, which could ignite the next <a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$DOGE</a> bull run! <a href="https://t.co/ZmuHmvIwei" rel="nofollow" target="_blank">pic.twitter.com/ZmuHmvIwei</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1785808743709434096?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">May 1, 2024</a>
</blockquote> 
“Over the years, #Dogecoin appears to mirror its previous bull cycles! All you need is a little bit of patience,” Ali Martinez concluded. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/qdVrfyKd/" alt="Dogecoin price chart from Tradingview.com" width="3286" height="1530">

Analyst Identifies Crucial Dogecoin Support At $0.112-$0.123, Will Price Crash Further?

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Bitcoinist

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