Popular Bitcoin proponent Lark Davis identifies a new Dogecoin entry price point for investors who missed out on the latest DOGE breakout.
Notably, Dogecoin’s price skyrocketed tremendously over the past week, soaring from a seven-day low of $0.1994 to nearly $0.29 on July 21. However, it has retraced slightly from this level, dropping to $0.26 at the time of writing.
New Dogecoin Entry Point and Support
In a post on X, Lark Davis, a Bitcoin analyst with 1.4 million X followers, highlighted a major Dogecoin support level. The support, which falls within the $0.245 – $0.255 price region, is marked with an orange box in the accompanying Dogecoin chart.
This zone served as a major resistance for Dogecoin between May and early July. Following Dogecoin’s recent rally, the meme coin surpassed the resistance, flipping it into support.
Davis stated that he hopes the orange box, which spans $0.245 to $0.255, serves as critical support for Dogecoin. Specifically, he highlighted $0.25 as a low-risk entry point for anyone who missed Dogecoin’s initial breakout last week.
Catch-Up Rally Target
Despite Dogecoin’s recent surge to a five-month high of $0.2868, Lark still believes that DOGE has lagged behind the performance of other established tokens, such as XRP and Ethereum.
For context, while XRP’s price has soared 66.7% since the beginning of the year, Ethereum has spiked 10.3% in the same timeframe. However, Dogecoin has slumped 17.6% year-to-date, lagging behind Ethereum and XRP.
Interestingly, Davis suggested that Dogecoin could catch up with XRP and Ethereum once it secures the $0.25 support. Once this happens, the analyst projected that DOGE could “rip” toward $0.48, potentially catching up with Ethereum and XRP. Notably, the $0.48 target represents an increase of 84.26% from the current price of $0.2605.
Although Dogecoin is lagging behind XRP and Ethereum in the YTD timeframe, the meme coin has boasted impressive gains in the last 30 days. In particular, Dogecoin’s price has increased by 67% since last month, surpassing Ethereum’s 63.1% gains. Notably, XRP has surged 71% during this time.
Analyst Predicts DOGE Surge to $0.85
Meanwhile, Dogecoin’s recent rally has reignited bullish expectations for the leader of the meme coin market. Earlier this week, TradingView analyst “MangoMan4” highlighted the formation of a bullish structure on Dogecoin’s weekly chart.
As a result, the analyst speculated that the bullish trend could propel the price of Dogecoin to a new all-time high of $0.85. This surpasses the previous ATH of $0.73 by 16.43%.
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.
