Dogecoin Price Forecast: Potential Crash and Subsequent Rally
Renowned crypto analyst Behdark has shared insights suggesting that Dogecoin’s value might experience a significant downturn, potentially falling below the critical $0.30 support threshold. However, the analyst also brings optimism by forecasting a strong recovery once Dogecoin hits this price point.
Anticipated Dip to $0.26 Followed by a Bounce
In a detailed analysis on TradingView, Behdark predicts that Dogecoin’s price could plummet to $0.26 before staging a robust rebound. He explains that before this downturn, Dogecoin might undergo some volatility, eventually entering a bearish phase that could push its value down to this level.
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The analyst elaborates on his prediction, suggesting that Dogecoin is undergoing an ABC correction phase. Behdark identifies the current stage as wave B, characterized by a diametric pattern formation. He mentions that Dogecoin is initiating wave G, the concluding phase of this pattern.
Behdark anticipates that once wave B concludes, a bearish wave C might emerge, potentially driving Dogecoin’s price to the $0.26 mark. He highlights the significant liquidity targeted in this region, which could contribute to the anticipated drop. Furthermore, he suggests that from this critical zone, Dogecoin might achieve a higher high.
According to the analyst’s chart, Dogecoin might experience a remarkable surge from the $0.26 level, potentially climbing to $0.5. This momentum could set the stage for Dogecoin to achieve a new all-time high.
Dogecoin’s Historical Price Pattern
In a recent post on X, another crypto analyst, Master Kenobi, pointed out that Dogecoin’s price trajectory is mirroring a historical pattern. He observed that similar to December 2023, the following December saw a local peak initiated by a rally that began in late October. Both surges originated from a prolonged, stagnant phase starting in late August.
Given the similar initial zones and timeframes, Master Kenobi predicts that Dogecoin’s price movement will likely mirror the 2023 pattern. He anticipates a significant upward surge for Dogecoin, potentially leading to a threefold increase.
Master Kenobi suggests that this time, Dogecoin could surpass a threefold increase due to the initial strength of the current price movement, which is more robust than in 2023. Even a threefold rise would elevate Dogecoin above the psychological $1 barrier. He projects this surge to occur in early February and close by March 1.
Currently, Dogecoin is trading around $0.315, reflecting a decline of over 10% in the past 24 hours, according to CoinMarketCap data.
