Crypto analyst Behdark has predicted that the Dogecoin price could suffer a serious crash, sending it below the $0.30 support level. Nevertheless, the analyst also provided excellent news as DOGE is anticipated to witness a large rebound once it drops to this price level.
Dogecoin Price To Crash To $0.26 And Then Rebound
In a TradingView post, Behdark predicted that the Dogecoin price could crash to $0.26 after which rebound on the following wave to the upside. The analyst mentioned that Dogecoin will likely experience some fluctuations before the foremost meme coin enters the bearish wave that drives its price to as little as $0.26.
Providing a more detailed evaluation of this Dogecoin price prediction, Behdark remarked that DOGE appears to have entered an ABC correction. He further revealed that DOGE is currently in wave B, which appears to be forming a diametric pattern. The analyst added that Dogecoin is currently at the start of wave G, which is the ultimate wave of this pattern.
Behdark stated that a bearish wave C is anticipated to form once wave B is complete, which can drive the DOGE price to the $0.26 level. He explained that significant liquidity is being hunted on this area, which is why DOGE could drop to as little as that. The analyst then remarked that Dogecoin may additionally form the next high from this zone.
The analyst’s accompanying chart showed that the Dogecoin price could witness a large bounce from the $0.26 level and rise to as high as $0.5. This move could eventually pave the best way for Dogecoin to achieve a recent all-time high (ATH).
DOGE Is Repeating A Historical Pattern
In an X post, crypto analyst Master Kenobi revealed that the Dogecoin price is repeating a historical pattern. The analyst noted that, like December 2023, December 2024 also saw a neighborhood peak following a pump that began at the tip of October. He added that each price pumps in 2023 and 2024 originated from a boring, sideways zone that began in late August.
Because the initial zones and duration are an identical in each situations, Master Kenobi predicted that what follows next shall be much like the 2023 price motion. Based on this, he remarked that a very important pump is imminent for the Dogecoin price. A repeat of the 2023 price motion may lead to a 3x increase.
Nevertheless, the analyst suggested that DOGE could enjoy greater than a 3x price increase this time since the first phase of this current price motion is stronger than the one in 2023. A 3x increase would still be enough to send the Dogecoin price above the psychological $1 level. Master Kenobi predicts that this pump should occur within the early days of February and shut beyond March 1.
On the time of writing, the DOGE price is trading at around $0.315, down over 10% within the last 24 hours, in keeping with data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com