Technical analysis shows that Dogecoin (DOGE) could be about to see an upward move after dropping to a major support level. This and others imminent bullish developments In the meme coin ecosystem, this suggests that now may be a good time to invest in the crypto token.
Time to expand on Dogecoin?
BitLuxe crypto analyst revealed in an X (formerly Twitter) job that Dogecoin was trading near crucial support between $0.146 and $0.151. He then suggested that it might be time to go long on the top meme coin, albeit with a tight stop loss, perhaps due to the uncertainty it’s still on the market.
Source: X
BitLuxe advised traders to monitor bearish signs below this support zone. He added that the next support for Dogecoin lies between $0.122 and $0.13. Meanwhile, for those who might be craving DOGE, the crypto analyst mentioned that there is resistance between $0.168 and $0.173which is something to note when setting a take profit objective.
While also analyzing the Dogecoin chart, crypto analyst Myles G REMARK that the meme coin is about to experience a massive rebound. From the chart he shared, one could see that the analyst was hinting that DOGE would reach $0.23 soon. Myles G also had predicted earlier that the meme coin would reach $0.26 on April 20, which happens to be DOGE Day.
Meanwhile, in a more recent context MessageMyles G has once again reaffirmed his bullish stance on Dogecoin, stating that there will be fireworks for the meme coin very soon.
DOGE still has bullish momentum ahead
Yomi, crypto analyst also recently presented a bullish narrative for Dogecoin. The analyst mentioned that the meme coin is still “several weeks of rising prices away from reaching that bull market stage.” He acknowledged that the current downtrend in the market had caused a slight deviation, but suggested another rally could be on the horizon.
Crypto Analyst Altcoin Sherpa is another person who is also optimistic about Dogecoin’s future trajectory and believes that the meme coin still has enough bullish momentum ahead. In a recent Message, he urged crypto investors to buy Dogecoin if it falls to $0.107 or around that price range. “It’s going to be some stupid #s later this year,” said the analyst.
Altcoin Sherpa previously mentioned that Dogecoin could do “something stupid like possibly hitting $1 this cycle.” He also once remarked that the most important coin still had plenty of firepower and alluded to Elon Musk’s support for Dogecoin as one of the factors that could push its price to $1.
At the time of writing, Dogecoin is trading around $0.155, down more than 1% in the last 24 hours, according to data from CoinMarketCap.
DOGE price at $0.15 | Source: DOGEUSDT on Tradingview.com
Featured image from Corporate Finance Institute, chart from Tradingview.com
