DogecoinLike the rest of the crypto market, it has recently been struggling despite recovery in the market. This is due to the stall at the rally while investors are waiting for the next move from Bitcoin. During this time, the bearish sentiment began to hold back. However, it makes time for investors Consider the entries in cryptocurrencies such as DogecoinAnd a crypto analyst revealed the best level to get into the Doge.
Wait for the Support to $ 0.17
Crypto analyst Lingrid on the tradingview website has come back with expectations for the price of Dogecoin and where the meme coin can head to the next. As a result, it saw the exposure of the next level that would make a good point of entry for the coin meme. Now, while handling the downward correction, the crypto analyst believes that investors should wait for the next major support level before purchasing.
The next level of support in question is at $ 0.17, which the analyst believes. Currently, dogcoin prices are falling from a fake breakout and is now difficult to move sideways. It shows that altcoin is heading to the next support area.
At this point, which was $ 0.17 and $ 0.171, it aligned up the upward trend before the last rally pushed to Dogecoin above $ 0.18 recently. It makes $ 0.17 a fine level of purchase because the bulls are looking to handle this support. As explained by the crypto analyst, a The successful handling of this support will see a continuation of a bullish rebound, which can push the meme coin back to a height of $ 0.1850.
Usually, the time to buy is a bounce from the racing line of $ 0.17. “As long as the price stays above the trend line, the bullish structure remains valid,” the analyst explained. However, things can still wake up from it.
What happens if the bears break the support?
While the Bullish scenario holds strong in this case, there is still a possibility that the bear can push the Dogecoin price down to $ 0.17. In that case, the crypto analyst explained that a deeper correction It may be at the end. It is likely that a rest of this support will see the bulls scrape to hold $ 0.165.
Other factors that may cause a problem include “sudden spikes in Bitcoin or sentiment shifts throughout the market,” which the analyst believes can shake the setup, and “lower volatility time near the trend” which can trap early entry.
As such, it is necessary that the Bulls hold $ 0.17 when the time arrives, which is around an 8% fall from the current price at the time of this writing.
Featured image from Dall.E, chart from tradingview.com
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