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Dogecoin

Is It Time To Sell Off Dogecoin? Analyst Predicts Bullish Wave To $0.4

Scott Matherson
by Scott Matherson
4 months ago
·
Posted in Altcoins
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Dogecoin is currently trading at $0.169, continuing its pullback after it reached $0.19 in late April. However, price action over the last few days still shows some strength compared to the crash to $0.14 in early April. Despite this bit of hesitation in rally, the meme coin is building a structure that could be foundational for a larger move ahead. According to the chart shared by crypto analyst MasterAnanda, the ongoing consolidation may actually be a prelude to a significant breakout reminiscent of Dogecoin’s explosive rallies in prior cycles.

Dogecoin Chart Pattern Hints At Repeat Of Previous Bullish Phase

The core of MasterAnanda’s analysis lies in a repeating structure of three labeled lows on the Dogecoin daily candlestick timeframe chart. These lows are labelled (1), (2), and (3) and appear on both the left and right sides of the chart, as seen in the chart below. On the left side, these three lows developed between July and October 2024, each representing a stage of price corrections. The current pattern on the right side follows a strikingly similar trajectory, with the same labels denoting recent market lows in the ongoing 2025 price structure.

Related Reading: Dogecoin Price Completes Falling Wedge Breakout Against Bitcoin, Can DOGE Outperform BTC This Cycle?

The formation of a higher low at point (3) in September 2024 led to a major bullish impulse that took Dogecoin towards the $0.50 level. According to the analyst, Dogecoin is now mirroring that same setup, where the current (3) low is also forming a higher low relative to (2). 

Dogecoin
Source: Master Ananda on Tradingview

Furthermore, a descending wedge pattern that spanned the February to April period has already been broken. However, although the $0.145 support zone has held firmly three times over the last two months, there’s a possibility it could be retested again around the third low.

Analyst Says Buy Aggressively And Hold Through Retracements

Based on this analysis, it is possible that Dogecoin retests the zone at $0.145 again to complete the formation of the third low before rebounding upwards. However, MasterAnanda’s advice is anything but conservative. In his TradingView post, he noted that this is not a time to sell Dogecoin. Instead, he called for a panic buy, insisting that Dogecoin is entering the strongest growth phase since the 2021 bull market. He urged readers to remove stop-loss orders and treat any short-term dip as a rare buying opportunity. If you can’t buy more, just hold.

Related Reading: Wondering When To Buy Dogecoin? Analyst Says Wait For This Level

The last of such formation in 2024 led to a 380% break to a multi-year high of $0.48. Should the same pattern play out again, a similar rally from $0.145 would project a price near $0.70, effectively bringing Dogecoin back to its all-time high range. While MasterAnanda did not explicitly call for such an extreme target, he did identify a move above $0.40 as the minimum expectation based on the current setup.

At the time of writing, Dogecoin is trading at $0.1695.

Dogecoin
DOGE trading at $0.167 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from Getty Images, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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