Dogecoin (DOGE) is entering a decisive phase that could see its price explode to record highs. Based on the meme coin’s recent price action, one analyst encourages traders to position early, while another warns that an important structural level must be held to preserve DOGE’s broader bullish outlook. Both perspectives highlight the pressures and possibilities the meme coin faces as it navigates its ongoing downward trend.
Analyst Tells Traders To Position For Dogecoin
Technical analyst and engineer Waleed Ahmed has urged traders to get positioned for Dogecoin, hinting that the meme coin may be far closer to a major reversal than many expect. He shared a monthly DOGE/BTC chart on X social media showing the price hovering just above a long-standing accumulation band.
Ahmed’s chart highlights a broad consolidation range that stretches back to early 2021, with the DOGE/BTC price at the time of analysis sitting at $0.00000169, near the lower boundary of that structure. Despite the recent market drawdown, the price has not broken below the multi-year floor, making this region a potentially critical zone for long-term positioning.
Above this key range lies a major upside target between $0.000012 and $0.000014, highlighted by Ahmed, which aligns with the high that the DOGE/BTC price reached during its strongest historical move. With DOGE/BTC still trading around $0.00000169 at the time of writing, achieving the projected target would require a gain of over 610%.
While this surge is substantial, it underscores the magnitude of the DOGE/BTC growth opportunity. It also explains why the analyst is encouraging traders to position themselves now, ahead of the anticipated rally. Ahmed has warned that traders shouldn’t take the current DOGE/BTC price as a joke. He remains bullish on the meme coin despite ongoing volatility and market declines that have pushed its price down to $0.16.
Dogecoin Faces Key Technical Threat Into The Next Level
In a separate analysis, experts highlight a looming threat that could compromise Dogecoin’s bullish outlook. According to crypto analyst Rekt Capital, Dogecoin is battling to preserve its multi-year diagonal uptrend. His chart shows a rising trendline close to a horizontal support level of around $0.159, which has guided DOGE’s price recovery since mid-2023.
Recently, the meme coin’s price dipped below this trendline on the monthly timeframe, raising concern that momentum is weakening heading into December. With the monthly candle now sitting just underneath, Dogecoin risks confirming a breakdown if it fails to reclaim the trendline.
This structure has acted as a dynamic support area for DOGE’s price for over two years, making it a critical level to watch on the macro chart. Essentially, Rekt Capital’s analysis suggests that if Dogecoin loses the multi-year trendline, it would threaten its broader bullish structure, which has kept its macro upside potential toward $0.3 alive.
Featured image created with Dall.E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
