Compared to other meme coins and large caps in the crypto space, the Dogecoin performance has been quite lackluster, to say the least. Even as Bitcoin sets an out toward its previous highs, Dogecoin price has been muted. Bit this could change soon as one analyst sees a reversal coming.
Dogecoin Price Has Entered The Buy Zone
Since falling back below the $0.09 level, the dogecoin bulls have struggled to maintain control of the price. With bearish and selling pressure mounting, the best-case scenario was that the meme coin would once again enter an accumulation zone that could help provide support.
According to a crypto analyst who goes by CryptoCheck on TradingView, the DOGE price may have finally entered this buy zone. The analyst analyzes the DOGE price on different time frames such as the four-hour and the weekly frame, coming up with a rather bullish narrative for the coin.
On the 4-hour timeframe, the meme coin showed a lot of strength as a recovery rocked the crypto market. Then moving on to the weekly timeframe, the analyst points out that Dogecoin is currently flashing a buy signal for investors to get back in. This buy signal comes between the $0.078 and $0.084 levels.
Now, the levels highlighted for buying here coincide with the analysis from crypto analyst Skew who explained that the risk-reward above $0.087 is higher for investors who are looking to get in on the asset. These levels could present the best buying opportunity before the next leg-up.
DOGE price is shaky at $0.084 | Source: DOGEUSD On Tradingview.com
DOGE Price Could Fly 800%
CryptoCheck’s analyst also predicts a lot of potential upside for the Dogecoin price. They point out that DOGE has gone from a joke to a prominent crypto and this is thanks to the community which has continued to support its growth and development.
Given the chart position, there is a lot of upside potential for the meme coin going forward in 2024. Some of the developments that could propel this price surge include the fact that Elon Musk’s X is getting ready to launch a peer-to-peer payments platform this year. As always, expectations are that Dogecoin could play a huge role in this.
However, while the analyst sees a lot of potential in the future of the altcoin, they explains that DOGE is still quite bearish in the short term. “The price needs to establish support before going higher, and the downward trend means that support hasn’t been found at the current levels,” CryptoCheck explains.
Featured image from CoinMarketCap, chart from Tradingview.com
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