Pasar Ambruk, Dogecoin Diprediksi Siap Lari Kencang dan Melesat 400 Persen

The cryptocurrency market has been battered and bloody in recent days, memecoins like Dogecoin (DOGE) included. During this period, the price of Bitcoin (BTC) has dipped below $55,000. This volatility has had a cascading effect on altcoins, with memecoins bearing the brunt of the impact, leaving holders concerned about their investments.

Prominent crypto analyst Michael Van de Poppe has voiced his concerns, stating that he is "worried about the altcoin market."

Despite these concerns, some analysts remain more optimistic, particularly regarding Dogecoin. They argue that historical patterns suggest a potential recovery for DOGE.

Dogecoin Following Historical Patterns

According to a report by AMB Crypro, popular analyst Vision Pulse has highlighted Dogecoin's historical cycle, demonstrating that the current trend bears similarities to past patterns.

"What if I told you Dogecoin plays out identically to the last cycle? Check this out. Dogecoin pumps almost 400% to the .236 retracement in 2020 then dumps 50% as BTC.D goes up. Look what's happening now," he said.

According to Vision Pulse, DOGE could see another 400% surge, mirroring its 2020 performance, and this historical behavior suggests that the memecoin's current decline may not be long-lived.

Optimistic Views from Other Analysts

Similarly, another analyst, Javon Marks, points to Dogecoin's recurring cycle as an indicator of potential for a significant rally.

"Throughout the years, DOGE log breakouts have led to significant pumps and higher highs, and it has done it once again with the current breakout holding! Based off the last 2 breakouts, each of these pumps have been larger in magnitude, and if we were to see it play out again, we could potentially see a $10+ DOGE this bull run, a 7200%+ move," said Javon.

At the time of writing, Dogecoin is trading around the $0.09176 mark, reflecting a 15.4% decline on the daily chart.

Over the past week, DOGE has dropped by 31.32%, extending its month-long downtrend. Its trading volume has also declined by 20.48% to $713.6 million over the past 24 hours.

Technical analysis reveals a strong bearish momentum for Dogecoin. The RSI indicator is at 34, while the RSI-based moving average is at 49, suggesting higher selling pressure in the market.

However, the RSI entering the oversold territory could present a buying opportunity, potentially triggering a trend reversal due to increasing buying pressure.

Potential for Trend Reversal

The DMI indicator also indicates decreasing bearish momentum. Although the negative index at 19.7 is above the positive index at 17.9, the negative index is sloping down.

The neutral index at 29 is above the negative index, further hinting at a potential reversal as the price drops into the oversold zone.

Additionally, Santiment analysis shows that the funding rate accumulated by exchanges is positive at 0.005%, indicating that long positions are paying shorts to maintain their positions, reflecting bullish sentiment among traders anticipating an increase in price.

Moreover, outflows from large holders have decreased from 192 million to 42 million, suggesting that large DOGE holders are not selling their assets, reflecting confidence in a potential uptrend.

If Dogecoin manages to close above the critical support of $0.105 on the daily chart, the memecoin could reverse its current downtrend and attempt to challenge the significant resistance level at $0.13. This development would serve as a bullish signal for investors, aligning with the historical patterns highlighted by analysts.