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Following
DOGE The largest meme coin, like many other leading cryptocurrencies, has performed poorly in the past few months, with prices falling 73% year-on-year.
Although the bear market continues and may continue for some time, some analysts have pointed to key reasons why DOGE may be preparing to rebound.
"Invest when no one is interested"
Dogecoin has dropped to the current level of US$0.07 (according to CoinGecko data), but well-known analyst Ali Martinez pointed out that multiple buy signals have appeared in the weekly TD Sequential indicator. He described the trend as "a rare pattern that could signal a major bull rally on the horizon."
X user Cryptollica also joined the discussion. He pointed to the recent "sluggish attention" surrounding the meme coin and claimed that investors who want to make money should follow the trend when interest is weakest.
The analyst also talked about the market value to realized value (MVRV) ratio, which has dropped below 1. This development suggests that most holders are at book losses and that the asset is trading at a price below its average cost basis. Typically, falls to this area tend to occur near the bottom of the cycle, suggesting that bulls may quickly take control.
JAVON MARKS also joined the conversation, saying DOGE may be on the verge of a major rebound and could replicate its performance in the past few years. The analyst predicts a parabolic rise in the next few years, with target prices of $0.653,$0.7, or even $1.25.
Trader Tardigrade made the most optimistic prediction, believing that DOGE has formed a huge double bottom pattern that could trigger a price explosion as high as $3.25.
Bear reasons
It is difficult to ignore other factors that suggest that the valuation of Dogecoin may fall soon. The first is the asset's Relative Strength Index (RSI), which has risen above 70. Such a high level indicates that the meme coin has entered an overbought area and may face a correction. Conversely, a reading below 30 is often seen as a buying opportunity.
Second is the lack of institutional support. Spot DOGE ETFs are not attractive to pension funds, hedge funds and other conservative investors, which is not good news for valuations. The opposite situation would force issuers of these products to buy real DOGE, which could drive prices up. Since its launch, the cumulative total net inflow of the Spot Dogecoin ETF has only been US$11.77 million, far below the funds attracted by, for example, the Spot XRP ETF.
