Crypto analyst Hov has said that the macro goal for the Dogecoin value stays unchanged regardless of the latest crypto market crash. This comes as DOGE seems to reclaim the psychological $0.2 degree, which may spark a big rebound for the meme coin.
Macro Goal For The Dogecoin Value Stays Above $2
In an X post, the crypto analyst said that he nonetheless has the identical macro goal for the Dogecoin value. His accompanying chart confirmed DOGE could rally to $3 by subsequent yr, which might mark a brand new all-time excessive (ATH) for the altcoin. Nevertheless, there may be the chance that the meme coin may hold buying and selling sideways until the tip of the yr.
Associated Studying
In the meantime, Hov famous that the Dogecoin value motion had performed out as anticipated, with DOGE correcting off the low and crashing by over 50%. He added that the transfer didn’t fairly make it into the decrease assist degree, however that up to now, the transfer off the low seems fairly corrective. The meme coin had crashed from a excessive of round $0.30 final month, just lately touching $0.11 amid the crash that adopted Trump’s announcement of 100% tariffs on China.
Hov additionally said that the main target will probably be on how the Dogecoin value motion develops over the following week to see whether or not the C-wave corrective transfer is in. DOGE is presently seeking to rebound and reclaim the psychological $0.2 degree. This has been sparked by optimism relating to a potential trade deal between the U.S. and China.
The White Home has confirmed that U.S. President Donald Trump will meet China’s President Xi Jinping on October 30 on the APEC Summit. In the meantime, the September CPI, which dropped yesterday, got here in decrease than expectations, which additionally contributed to a bounce within the Dogecoin value.
DOGE’s third Bull Wave On The Horizon
Crypto analyst Ether revealed in an X post that the third bull wave is on the horizon for the Dogecoin value. He famous that DOGE skilled two major bull waves in 2017 and 2021 and that one other bull wave is now loading. The analyst broke down the present value motion, which factors to a different bull wave.
Associated Studying
Ether revealed that the lengthy downtrend has been damaged, with the retest now full. He additional remarked that the 25MA on the upper timeframe is again at assist. In the meantime, the Dogecoin value is alleged to be gathering power within the decrease band of a years-long ascending channel. The analyst added that every one technical indicators are “whispering” the beginning of a brand new cycle. As such, he believes the 3rd bull wave is a matter of when, not if.
On the time of writing, the Dogecoin value is buying and selling at round $0.19, up within the final 24 hours, in line with data from CoinMarketCap.
Featured picture from iStock, chart from Tradingview.com
