Dogecoin has fallen alongside the rest of the market, and could even be at or near a bottom.
According to analyst, Johnny Brah, Dogecoin's 2021's surge from $0.003 to $0.7 might be set to repeat itself.
Analyst predictions range from $0.4 to $0.65, and might be triggered based on various factors like price action, and "tweets from Elon Musk"
Dogecoin continues to confuse investors with its reluctance to break above the $0.2 zone, despite Shiba Inu's relative growth this year, and the new all-time highs on others like PEPE and WIF.
However, eventually, Dogecoin has to hit a bottom, and analysts say we may be close.
Here’s why this analyst thinks we have just hit a “generational bottom”, and could be looking at an incoming upside any day now.
So far, Dogecoin has declined along with the rest of the market, losing nearly 16% of its already deficient value with Bitcoin’s decline from $71,500.
On TradingView, crypto analyst, Johnny Brah pointed out a recurring pattern in Dogecoin’s price action—and if history is any indication, Dogecoin has always rebounded massively, when this formatoon occurs.
For his analysis, the analyst took out the Stochastic Relative Strength Index.
This indicator is different from the regular kind of RSI, in that it combines the Stochastic oscillator with the RSI to point out significant trend changes before they occur.
And according to the analyst, this indicator has just pointed out similarities between Dogecoin now, and Dogecoin in the past.
Dogecoin’s price action
The analyst pointed back towards Dogecoin’s price action in 2021, noting that during this time, Dogecoin’s price rallied from around $0.003 to an all-time high of $0.7 within five months, right after a reset in the Stochastic RSI.
However, since dropping to fresh new lows in the previous bear market, Dogecoin now finds itself struggling to break above the $0.2 resistance
According to several analysts, Dogecoin might be hitting $1 soon, before anyone can say “Bitcoin”.
According to the tweet from analyst, Altcoin Sherpa, “$DOGE to $0.40 is 1 of the safest trades you can make this cycle,” because “all it takes is one retarded Elon tweet to blow it up”
Analyst, JAVON MARKS in another detailed tweet posted recently, believes that “there may be much more coming in this uphill run, with prices climbing another +342% to reach the $0.6533 target and higher”
The analyst also says that the indicators in the lower timeframes are confirming bullish indicators, and if this momentum continues, Dogecoin might be poised to triple pretty soon.
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