Dogecoin Predicted to Hit $0.1 Despite Recent Drop, Says Analyst

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DOGE Prediction: Despite 12% Price Drop in 2024, a Value of $0.1 is Expected

Despite a significant price drop since the beginning of 2024, the price of DOGE seems ready to rise. Although DOGE has lost 12.37% of its value this year, the cryptocurrency could soon reach a value of $0.1. The price rose more strongly than the DAA (Daily Active Addresses), suggesting a buy signal.

Analyst Opinion and Buying Opportunity

Analyst Ali Martinez revealed on X (formerly Twitter) that DOGE could be on its way to $0.1. According to Martinez, the Tom DeMark (TD) Sequential has presented a buying opportunity that could also predict the run. However, the price prediction depends on the support at $0.074. If the bulls can defend this support, DOGE could reach $0.1. A break below could further lower the price.

Timing for Entry?

Traders who open long positions at the market price of $0.08 could be profitable. Again, it’s important to emphasize that the key to potential is the support at $0.074. At the time of the press release, the price of Dogecoin had decreased by 12.37% since the beginning of the year. Should the price rise to $0.1 or higher, these losses would be wiped out, potentially offering holders a 20% profit.

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Price-DAA Divergence and Buy Signals

A look at the price-DAA divergence suggests that an entry into Dogecoin at $0.08 could be ideal. DAA stands for Daily Active Addresses, i.e., the number of unique crypto addresses interacting with a particular coin. At the time of publication, the price-DAA was -45.35%. If the price had fallen more than the DAA, DOGE would have shown an exit signal. However, as the price has risen more than the DAA, this suggests a buy signal.

Bullish Divergence and Possible Trend Reversal

From a technical perspective, the Exponential Moving Average (EMA) showed that DOGE’s trend could be bullish in the medium term. This is because the 50 EMA (blue) crossed over the 200 EMA (yellow). Additionally, the 50 EMA was close to $0.085, suggesting that this point could later be the coin’s support level. Furthermore, the Know Sure Thing (KST) indicator and the price action moved in opposite directions. While the Dogecoin price reached lower lows, the KST showed signs of higher lows. This is considered a bullish divergence. Therefore, a potential upward trend reversal could be imminent.

RSI and DOGE’s Outlook

At the time of the press release, the Relative Strength Index (RSI) was at 43.23 and trying to cross the midpoint. If the RSI exceeds a value of 50, DOGE could be on its way to $0.1 faster than expected.

Sources: Santiment, TradingView

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