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Two days ago, a crypto analyst accurately forecasted a Dogecoin price crash, which has since taken place. According to the analyst’s latest projections, Dogecoin is poised for a steeper decline, with an anticipated 30% crash from its current trading price.
Analyst Forecasts 30% Price Crash
The Dogecoin price has crashed to $0.35, marking a substantial 14% decrease over the past seven days. Earlier this month, Dogecoin was trading above $0.4 after experiencing a sharp rise driven by the positive market sentiment fueled by Donald Trump’s victory in the US Presidential elections.
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A TradingView crypto analyst, known as the ‘MMBTrader’ who accurately predicted Dogecoin’s recent price crash, has now updated his forecasts to warn of further potential declines. The analyst shared a chart, analyzing Dogecoin’s price action and potential future movements. Currently trading above $0.3, the DOGE price is slowly approaching a critical resistance, illuminated by the red zone at the $0.438 level.
The red arrow on the chart illustrates a potential short-term correction, set to trigger a Dogecoin price crash to the central support zone near the $0.25 mark. This substantial price drop would indicate a 30% decline from Dogecoin’s current price. Additionally, the analyst suggests that this projected price crash is a retracement, aligning with 0.618, the Fibonacci level indicated on the chart.
The TradingView analyst has also revealed that if the Dogecoin price can establish strong support at the $0.25 level, it could confirm a bullish trend continuation. Such a development could pave the way for a potential Dogecoin price rally in the near term.
Moving ahead, the green arrows in the analyst’s DOGE price chart represent the next potential phase pump. The analyst has predicted that a solid rebound from the $0.25 support level could trigger a new bullish phase for Dogecoin. Additionally, he projects a new bullish target towards the $0.75 area for Dogecoin, marking a significant leap to new price highs.
Overall, the TradingView analyst has pinpointed $0.45 as the level to watch out for. Although a drop to $0.25 would mark a 30% crash for Dogecoin, a potential surge to $0.75 would represent a 115% price increase.
Dogecoin Price Breakout To $1 Sighted
While Dogecoin faces volatility and declines, Trader Tardigrade, a prominent crypto analyst, has expressed confidence regarding the meme coin’s potential shift to the upside. According to the analyst, Dogecoin is currently moving in a defined range between $0.33 and $0.49, highlighted by the purple rectangle in the price chart.
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Looking at the chart, this range represents a period of consolidation during which the price of Dogecoin appears to fluctuate between resistance and support zones. The analyst has depicted that a breakout above the range’s upper boundary could continue Dogecoin’s rally to new all-time highs at $1.05.
Featured image created with Dall.E, chart from Tradingview.com