An analytical exposition has suggested that now is a good time to buy Dogecoin, following the completion of a perfect ABC price correction.
According to an analysis from MasterAnanda, one can never go wrong buying Dogecoin, the largest meme coin by market cap, at the current price level. In the April 27 TradingView commentary, he highlighted certain bullish factors driving this optimism and the asset’s next target.
Notably, the analysis comes on the heels of Dogecoin’s sluggish price performance over the last few days. After an over 12% rally a week ago, the dog-themed meme coin’s price has been underwhelming, retracing 7% from this week’s high of $0.1929.
The Start of a Bullish Impulse
MasterAnanda noted that Dogecoin recently completed an ABC correction, setting up nicely for an impulsive bullish rally. For perspective, the asset resumed this retracement from the December 8 high of $0.4846, with the first wave introducing a 46% correction to $0.2626.
Furthermore, the B-wave kicked in, as the asset rebounded 66% from the low to $0.4350 in January before wave C completed the pattern with a 70% drop to local support at $0.1298.
While Dogecoin has rebounded considerably from the $0.1298 support level to its current price, the TradingView analysis suggests that the meme coin still trades at a massive discount.
Meanwhile, the commentator projected a meteoric DOGE rally to $0.703, stating this was the final call to buy the asset. Remarkably, the 293% price surge from the current market proceedings aligns with the 1.618 Fibonacci level.
Crucial Level for a Dogecoin Rally
Meanwhile, in a parallel analysis, prominent market analyst Ali Martinez identified a crucial level that Dogecoin needs to reach for a sustained upward push. According to his Monday analysis, the token must reclaim $0.20 and close above this level on the monthly timeframe to see higher prices.
Interestingly, the $0.20 price mark aligns with the bottom of an ascending wedge, within which DOGE has traded since 2017. However, the asset’s recent bearish trends saw it drop below the channel, and Martinez believes a reclaim will spark the needed momentum for higher prices.
Specifically, the market expert shared that Dogecoin’s next target, if it closes above its former stronghold, is a retest of its all-time high of $0.74. Moreover, Martinez highlighted that the 312.7% breakout would signal strong upward momentum and rekindle investor interest in the meme coin.
In the meantime, DOGE trades at $0.1793, up 8% in the past seven days.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
