Dogecoin has dipped below $0.2 as part of a broader crypto market correction, providing a buying opportunity for investors. However, crypto analyst DecyX had indicated that investors should wait for this to happen before they accumulate the foremost meme coin.
Analyst Reveals What To Wait For Before Buying Dogecoin
In an X post, DecyX told investors to wait for Dogecoin to grab the liquidity under $0.187 before accumulating the meme coin. He added that they should look for bullish price action on the lower timeframes (LTFs) and target the imbalance zone between $0.213 and $0.215. The analyst believes that a full fill could send DOGE to above $0.235.
DecyX also noted that the Fair Value Gap (FVG) above is still untouched and that the $0.2597 strong high is a magnet long-term for Dogecoin. His statements come just as the meme coin dropped below the psychological $0.2 level. This price decline has occurred following the Bitcoin price correction from its all-time high (ATH) recorded two weeks ago.
In an X post, crypto analyst Kevin Capital told Dogecoin holders that they want to see the meme coin hold onto between $0.1901 and $0.1839. His accompanying chart showed that failure to hold between this range could send DOGE to as low as $0.17. The analyst has on several occasions drawn the correlation between the Dogecoin and Bitcoin price.
In another X post, he commented on the Bitcoin price and warned that things could get “sketchy” for the flagship crypto, meaning that DOGE is also at risk. Kevin Capital noted that the weekly close for Bitcoin was below $106,800, which puts it back in the danger zone. The analyst remarked that it needs to return above that level within the coming days to avoid things becoming sketchy.
DOGE Could Be Bottoming Out
In an X post, crypto analyst Trader Tardigrade stated that Dogecoin could be forming a double bottom on the 4-hour chart. His chart showed that he expects a reversal from the $0.18 zone, with the meme coin rallying back above the psychological $0.2 zone.
The analyst also alluded to Dogecoin’s daily chart, revealing a hidden Bullish Divergence on DOGE’s Relative Strength Index (RSI). He stated that the meme coin is creating a higher low on the daily chart, while its RSI shows a lower low. Meanwhile, the analyst revealed that Dogecoin is breaking out from a Symmetrical triangle on the 1-hour chart. A breakout from this triangle is also expected to send the meme coin above the $0.2 level.
At the time of writing, the Dogecoin price is trading at around $0.1906, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
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