The cryptocurrency market is experiencing a notable correction as the 2024 US presidential election approaches. As the price of Bitcoin has plunged below $70,000, the altcoin market is under renewed pressure from sale. As Dogecoin price follows the same dynamics, a renowned crypto analyst has identified a possible bottom formation for most major altcoins. Currently trading at $0.15, DOGE is hovering over a crucial support zone to regain its bullish momentum for a $0.2 rally.
Dogecoin price targets $0.2 as analyst spots ‘lower formation’
In a recent tweet, an Italian crypto analyst Elise shares an optimistic but cautious outlook for the crypto market for the week ahead. He believes that most top altcoins are starting to form a temporary bottom after the recent market.
However, investors are advised to remain patient and vigilant, particularly in the face of macroeconomic factors such as the upcoming elections influence market sentiment. His analysis highlights a range setup for Dogecoin price, with the potential for a robust entry point if a “mega-range” solidifies.
At press time, Dogecoin was trading at $0.15, seeking support from the ascending trendline and $0.14. If buyers manage to reclaim the exhausted bullish momentum at $0.143, the DOGE price could begin its next recovery leap.
The post-reversal rally could lead to a rally to $0.02, representing a potential gain of 30%.
Large Holders Accumulate Aggressively as 30-Day MVRV Falls to 5.5%
According to feeling According to the data, large holders with wallets of 10 million to 100 million coins significantly increased their accumulation from 14.66 billion to 18.97 billion coins, achieving a growth of 30%. Aggressive accumulation by large holders often indicates expectations of price appreciation, which could fuel even more positive sentiment and spark additional interest from the broader market.
Historical data shows that whale accumulation has often coincided with a major market bottom and reinforced a long-term uptrend.
On the contrary, if sellers defend the $0.18 to $0.15 supply region, Dogecoin price could experience a stalled recovery.
Frequently Asked Questions (FAQ)
Dogecoin is currently trading at $0.15 and hovering near a crucial support zone at $0.14, reinforced by a multi-month support trendline and the 20-day exponential moving average.
If sellers defend the $0.18 to $0.15 supply zone, the current rally could stall, preventing Dogecoin from breaking out.
The 30-day market value-to-realized value ratio (MVRV) fell to 5.5%, a sign that short-term traders are suffering losses.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a solid command of technical analysis, he keeps a vigilant eye on the daily price movements of major assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging field of cryptocurrencies, where he continues to explore opportunities driven by his passion for trading.
Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
âś“ Share: