Dogecoin has sharply declined along with the rest of the cryptocurrency market, leading to a break of a very important support level. This drop below $0.18 has signaled a shift in tide, and this could trigger the next wave of decline.
A previous cryptocurrency analyst who predicted this market downturn called it before it began. However, not all news is bad for the meme coin as the longer time frame offers more upside opportunities over time.
Dogecoin Price Remains Bullish in the Long Term
Cryptocurrency analyst Master Ananda predicted in a post on TradingView where the price of Dogecoin might head next. At the time of the post, the price of Dogecoin was still trading near the $0.20 mark, and the market was still on an upward trend. While positive sentiment seemed to be returning to the market at that time, the analyst pointed out the possibility of a pullback.
Master Ananda explains that the price of Dogecoin remains quite pessimistic, but this is only in the short-term timeframe. This simply overlooks the long-term timeframe for optimism, and so far, the market trend of this meme coin seems to be playing out as the cryptocurrency analyst predicted.
He calls for a correction, using the lows of April 2025 as a baseline and the subsequent lower highs formed. This began in December 2024 when the price of Dogecoin started to reach lower highs, indicating that pessimism is increasing in the market.
Currently, as the price of Dogecoin has dropped back below the support level of $0.18, the analyst simply points out that this is a continuation of the decline that started on May 11 after the market recovered. Although this is a downtrend in the short term, suggesting there may be a bit more correction, the analyst does not expect this to last.
Where Can DOGE's Price Go From Here
For the bottom of the current Dogecoin price correction, Master Ananda expects the price to bottom above the low of April 7, which is above $0.13. This would bring the meme coin to around $0.15 before bottoming out, and then it is expected to start recovering.
The cryptocurrency analyst urges investors, especially those holding spot bags, to wait until things settle down. Then, he hopes this altcoin will rise in price again. For short sellers, he advises caution and not to hold positions too long as the trading range is short.
"We are very likely to have a higher low compared to April 7," Master Ananda predicts. "However, if there are too many open leveraged positions and the market wants to flush those positions out, there could be a long wick piercing through support for a recovery action the next day."
