Dogecoin dropped by more than 50% after hitting $0.5 leading up to the Donald Trump inauguration. Despite expectations of recovery, the meme coin continued to dip, breaking below major supports like $0.15. However, this could be a unique opportunity for crypto traders, with times like this often creating a perfect entry to maximum gains, according to one crypto analyst.
Fear Is Not Your Friend
A crypto analyst who goes by the pseudonym Without Worries on the TradingView website recently published a Dogecoin trade idea suggesting that now is the time to get in on the meme coin. This comes after the analyst had called a short trade on Dogecoin back in 2024, which was followed by a near 75% decline in the meme coin’s value.
This time around, the crypto analyst gives four reasons as to why this could be a good time to buy Dogecoin. The first of the reasons is that the majority of the market (90%) is in selling mode right now. Thus, he advises that investors should buy when there is blood on the streets, warning investors that “fear is not your friend right now.”
Next on the list of reasons are the Dogecoin price action and RSI resistance breakouts. So far, the DOGE price has reached and tested multiple RSI resistance, and with the latest breakout, looks to be on a recovery trend.
The third reason given for why the Dogecoin price is set for recovery is finding support on past resistance. The crypto analyst outlines these resistance levels with red arrows, with the last major one being around $0.15. Thus, with a break from here, it is expected that the meme coin will continue to surge.
Last on the list is the regular bullish divergence that the altcoin has been subjected to. With movements like the November 2024 surge just in the rearview, a repeat could see DOGE rally sharply, and possibility toward the much anticipated $1 level.
Targets For The Dogecoin Price
If all things go as planned, the crypto analyst believes that the Dogecoin price could surge another 300% from here. Naturally, a 300% move would put the meme coin at a much higher price than it was back at its 2024 peak. Currently, the major target is $0.6.
With the Trump pause on tariffs on all countries except China, the crypto market is already reacting positively. Dogecoin enjoyed a sharp 10% surge, breaking above $0.16 in less than one hour following the announcement. If bullish sentiment holds, then the surge could push toward $0.2 in the meantime.
Featured image from Dall.E, DChart from TradingView.com
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