Want to Buy the Dogecoin Dip? This Is Your Moment (Analyst)

As the wildest market crash in the recent history of cryptocurrency markets unfolded on Friday and Saturday morning, no altcoin was spared from the adverse events that wiped out $900 billion from the entire capitalization.

Naturally, the ever-volatile meme coin sector felt some of the worst consequences, including its leader. Dogecoin traded at around $0.25 on Friday, before the Trump-induced panic sent it nosediving to under $0.10 on many exchanges.

It’s worth noting that this wick meant that DOGE had dumped to its lowest price position in just over a year. It immediately bounced off in the following minutes and hours and has settled at around $0.19.

Daan Crypto Trades exemplified the overall behavior by most altcoins, including the OG meme coin. It plunged by roughly 70% from top to bottom before it bounced to about halfway through the entire move. What typically follows is a sideways chop before another correction of 10% to 20%.

“I think these charts would get interesting the moment they breach those initial highs from the bounces. That can be the confirmation on the trade.

From that point, up until the start of the dumps, there are these 15%-30% inefficiencies/gaps which likely get filled relatively easily if price were to get to that point.

As long as prices are below that point, I’m assuming to see a relatively volatile chop.”

The current price tag could be quite impactful for DOGE’s future movements. Data from popular crypto analyst Ali Martinez highlights the significance of this level. As such, he noted that this could be a “strong buy-the-dip zone” that could propel the asset forward.

Martinez outlined a substantial increase to $0.48, which sounds rather far-fetched at the moment, given the latest developments and current market sentiment.

https://twitter.com/ali_charts/status/1977229238408212978?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank

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