Emily Walker
Crypto analyst Behdark has warned that Dogecoin might experience a significant downturn, potentially dropping below the crucial $0.30 mark. On a brighter note, he expects that DOGE will experience a substantial recovery after reaching this level.
Decline Expected to $0.26 Followed by Recovery
In a post on TradingView, Behdark forecasts a decline in Dogecoin’s price to around $0.26 before embarking on a recovery phase. He highlighted that while fluctuations are anticipated, the main meme coin is likely to enter a bearish phase leading to this drop.
Detailing his analysis on this prediction, Behdark noted that DOGE seems to be undergoing an ABC correction. He elaborated that Dogecoin is now in wave B, which appears to be forming a diametric pattern. Furthermore, he indicated that the asset is at the start of wave G, the final stage of this pattern.
Behdark predicts that a bearish wave C will emerge after the completion of wave B, driving the price down to $0.26. He explained that this level is significant as there is considerable liquidity, making this drop plausible. He also suggested that a higher high could develop from this zone for Dogecoin.
According to his chart, a bounce back from the $0.26 level may propel Dogecoin’s price to $0.50, possibly setting the stage for a new all-time high.
DOGE Mirrors a Past Pattern
Crypto analyst Master Kenobi mentioned in an X post that Dogecoin’s price appears to be following a historical trend. He noted that both December 2023 and December 2024 experienced local peaks after a surge beginning in late October. He highlighted that the price movements in both years initiated from a stagnating phase starting in late August.
Since the initial circumstances and periods are similar, Master Kenobi speculates that a similar surge is forthcoming for Dogecoin. He believes that if 2023’s price trajectory repeats, a significant increase could follow.
Moreover, Kenobi suggested that Dogecoin could witness more than a threefold rise this time, as the ongoing price action is more robust compared to the previous year, which could push the price past the significant $1 threshold. He anticipates this surge to take place in early February and extend beyond March 1.
As of now, DOGE is trading around $0.315, marking a decline of more than 10% in the past 24 hours, based on CoinMarketCap’s data.