Dogecoin Buy Signal? Analyst Warns: ’Don’t Touch It Until This Price Hits’
Memecoins giveth, and memecoins taketh away—but one trader claims DOGE has a make-or-break level before the next leg up.
Key level or trap? The analyst’s target sits just below Dogecoin’s 2021 all-time high, a zone where ’weak hands’ previously got wrecked. Meanwhile, Wall Street still can’t decide if crypto is an asset class or a prank.
Timing matters more than ever with DOGE. Jump in too early, and you’re bag-holding through another 30% dip. Wait too long, and you’ll chase the pump like a retail rookie.
Wait For Support At $0.17
Crypto analyst Lingrid on the TradingView website has returned with expectations for the Dogecoin price and where the meme coin could be headed next. As a result, this has seen the exposure of the next levels that would make a great entry point for the meme coin. Now, as the downward correction takes hold, the crypto analyst believes that investors should wait for the next major support level before buying.
The next support level in question is at $0.17, which the analyst believes will be filled. Currently, the Dogecoin price is falling from a fake breakout and is now struggling with sideways movement. This shows that the altcoin is headed for the next support area.
At this point, which is $0.17 and $0.171, it aligns with the upward trend line before the last rally that pushed Dogecoin above $0.18 recently. This makes $0.17 an ideal buy level as bulls would be looking to hold this support. As the crypto analyst explains, a successful hold of this support would see a resumption of a bullish rebound, which could push the meme coin back up as high as $0.1850.
Basically, the time to buy would be a bounce from the trend line of $0.17. “As long as price stays above the trend-line, bullish structure remains valid,” the analyst explained. However, things could still go awry from here.
What Happens If Bears Break Down The Support?
While the bullish scenario holds strong in this case, there is still the possibility that bears could push the Dogecoin price further down below $0.17. In that case, the crypto analyst explains that a deeper correction could be on the horizon. It is likely that a break of this support would see bulls scramble to hold $0.165.
Other factors that could cause a problem include “Sudden spikes in Bitcoin or market-wide sentiment shifts,” which the analyst believes can shake the setup, and “Lower timeframe volatility near trend-line” that could trap early entries.
Given this, it is imperative that bulls hold $0.17 when the time comes, which is around an 8% drop from the current price at the time of this writing.
