Dogecoin Hits Weekly Support Trendline, Analyst Signals Cycle Bottom Is In

Current value decline motion has seen Dogecoin rebounding at a current multi-month low after your entire market began final week on a liquidation stretch. Nevertheless, technical evaluation from analyst Dealer Tardigrade means that Dogecoin may have already established its cycle backside earlier than the following value surge.

Dogecoin Checks Key Weekly Assist After 40% Drop

The cryptocurrency market confronted a major downturn final week, with widespread losses hitting varied digital belongings. Dogecoin was no exception to the sell-off, experiencing a sharp decline of practically 40% earlier than discovering help round $0.22. This drop marked the bottom value Dogecoin has reached because the starting of 2025, and the final time it traded at this stage was in early November 2024. 

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Regardless of the severity of the drop, technical evaluation from crypto analyst Dealer Tardigrade means that Dogecoin’s current 2025 low could also be extra important than it seems at first look. In a social media publish on platform X, the analyst shared a weekly timeframe chart highlighting that $0.22 is a part of a key trendline that performed a vital position in Dogecoin’s value actions all through 2024.

Now, with the worth falling again to this stage and bouncing off it, Dealer Tardigrade famous that the trendline has seemingly flipped into a robust help zone.

As of now, Dogecoin has rebounded to $0.2561, reflecting a optimistic response of roughly 16% from its current low. Notably, on-chain data from IntoTheBlock reveals patrons stepped in simply round this help stage. Nevertheless, Dogecoin’s capacity to carry above this help stage within the coming weeks will decide if the cryptocurrency has actually reached a backside for the remainder of this cycle. 

Picture From X: Dealer Tardigrade

Historic Pullbacks Level To $2 Worth Goal

In another analysis, Dealer Tardigrade highlighted a recurring sample through which the Dogecoin value tends to expertise important pullbacks of greater than 50% after a robust multi-month rally. Nevertheless, these pullbacks have all the time been accompanied by one other sturdy rebound rally, and Dogecoin ultimately reached a brand new peak.

His evaluation famous three main pullbacks: the primary noticed a decline of 59.76%, the second dropped by 56.2%, and the latest pullback registered a 58.25% drop. Primarily based on this historic conduct, Tardigrade famous that the current correction might be accompanied by one other sturdy rebound. 

The final such a rebound occurred, Dogecoin went on a 23,000% enhance to achieve its present all-time excessive of $0.73. From right here, Dealer Tardigrade predicted an identical playout to achieve a value goal of $2.

Picture From X: Dealer Tardigrade

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The $2 value goal has been a recurring prediction amongst crypto analysts for Dogecoin. One related prediction got here from crypto analyst Dima Potts, who predicted that Dogecoin is poised to focus on all-time highs between $1.50 and $2.10. For now, step one for a bullish Dogecoin could be to interrupt above $0.3.

Featured picture from Mudrex, chart from TradingView