finbold.com
Amid an exceptionally volatile period for the majority of assets in the cryptocurrency sector, Dogecoin (DOGE) was having trouble staying on course.
Over the past week, DOGE’s value plummeted by approximately 25%, reaching a low of $0.082, reflecting the broader crypto market’s challenges. However, a notable shift has occurred, with Dogecoin showing signs of recovery. As of the latest data, the meme-inspired cryptocurrency is trading at $0.10.
Adding to the optimism, trading expert Alan Santana projected on August 6 that Dogecoin is poised for a substantial upward trajectory.
Projections suggest it could reach as high as $2.55 by 2025, with the anticipated new all-time high range lying between $1.85 and $2.55, translating to nearly a 26-fold increase from current levels.
Accumulation zone and key levels to watch
According to Santana, the chart pattern identifies the accumulation zone for Dogecoin in the range between $0.053 and $0.065, representing an optimal entry point for investors looking to capitalize on the predicted bull market.
Buying DOGE within this zone throughout the remainder of 2024 is advised to position for maximum gains by 2025
The lower boundary of the accumulation zone, set at $0.0489, provides a solid foundation for potential price rebounds. This level is critical, as it is expected to attract strong buying interest, preventing further price declines.
The stable zone offers an opportunity for investors to accumulate DOGE in anticipation of future price increases.
Furthermore, the first major resistance level is at $0.14, marking a critical point where Dogecoin might face significant selling pressure. Subsequent resistance levels include $0.23, $0.38, $0.39, and $0.47.
These levels are essential markers as they represent potential hurdles Dogecoin must overcome to continue its upward momentum. The high point before the projected new all-time high is at $0.7396, followed by the psychological level of $1.00.
Ultimately, the projected new all-time high range between $1.85 and $2.55 stands as the ultimate target for DOGE, indicating the potential for significant long-term gains.
Instead of traditional stop-loss orders, which can trigger premature selling, analysts suggest investors to set manual sell targets significantly above the buying price to mitigate risks.
Dogecoin price analysis
At the time of writing, Dogecoin was trading at $0.10, recording a 4.75% increase in the last 24 hours, while dipping 20% over the previous seven days and accumulating a loss of 7% on its monthly chart, according to the latest data retrieved on August 7.
All things considered, Dogecoin presents a promising investment opportunity for traders and investors willing to accumulate during the identified low-price phase and hold through the projected bull market.
By understanding key support and resistance levels, avoiding traditional stop-loss pitfalls, and focusing on long-term gains, investors can position themselves for significant returns as DOGE potentially reaches new all-time highs by 2025.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.