Crypto Analyst Predicts 800% Rally As Dogecoin Enters Buy Zone

Compared to other meme coins and large caps in the crypto space, the Dogecoin performance has been quite lackluster, to say the least. Even as Bitcoin sets an out toward its previous highs, Dogecoin price has been muted. Bit this could change soon as one analyst sees a reversal coming.

Since falling back below the $0.09 level, the dogecoin bulls have struggled to maintain control of the price. With bearish and selling pressure mounting, the best-case scenario was that the meme coin would once again enter an accumulation zone that could help provide support.

On the 4-hour timeframe, the meme coin showed a lot of strength as a recovery rocked the crypto market. Then moving on to the weekly timeframe, the analyst points out that Dogecoin is currently flashing a buy signal for investors to get back in. This buy signal comes between the $0.078 and $0.084 levels.

Now, the levels highlighted for buying here coincide with the analysis from crypto analyst Skew who explained that the risk-reward above $0.087 is higher for investors who are looking to get in on the asset. These levels could present the best buying opportunity before the next leg-up.

Given the chart position, there is a lot of upside potential for the meme coin going forward in 2024. Some of the developments that could propel this price surge include the fact that Elon Musk’s X is getting ready to launch a peer-to-peer payments platform this year. As always, expectations are that Dogecoin could play a huge role in this.