Dogecoin has seen its price drop once again after a month of bullish activity in April. This downturn has affected sentiment once more, pushing investors back into the fear zone. However, this may only be a minor blip on the radar as the price of Dogecoin could be ready for a recovery. A particular cryptocurrency analyst has suggested that it is possible that the price of Dogecoin has hit the bottom.
The price of Dogecoin may have hit the bottom after the collapse.
Cryptocurrency analyst Astronomer has predicted that the price of Dogecoin could hit the bottom after being rejected at $0.18. The analyst points out that the last time this meme coin had similar fundamentals was in October 2024, before the price of Dogecoin increased by about 500% to a new local peak of $0.5.
This time, the cryptocurrency analyst believes that the current fundamentals are similar to those in 2024, as the altcoin market is set to hit the bottom. But this time, Astronomer expects the price of Dogecoin to rise higher than before.
At this level, it is expected that the price of Dogecoin will reverse and provide many rewards for investors. 'In my opinion, since this is an altcoin and expectations could exceed $0.5, having many spot bags has paid for low risk,' Astronomer said. 'If you want to have defined risk for defined reward, I think that a long time as presented also makes sense.'
The reversal pattern is being formed.
The price of Dogecoin is eyeing a reversal pattern after potentially forming a bottom. This was emphasized by another cryptocurrency analyst who pointed out that this meme coin is showing bullish divergence on the chart. At this level, the RSI is bullish, and this analyst believes that breaking above 0.206 from here will be a positive signal for the price.
With bullish sentiment recovering, this is driving the price of Dogecoin upwards. Additionally, if the meme coin can close above the trendline shown in the chart below, the price is expected to increase.
The primary target for the price is the resistance level at $0.2, which is the level that buyers need to overcome. Then comes the point where the $0.27 level comes into play, and the ultimate target for a 100% increase lies above $0.33.