Despite the massive price slump, analysts are still hopeful DOGE is approaching an important turning point.
The meme coin mania is long gone and perhaps forgotten, as evidenced by the substantial decline in the price of its leader. DOGE recently slumped below $0.07 for the first time in almost three years, a level that it’s still unable to reclaim.
Although it remains 90% away from its 2021 all-time high, several popular analysts believe precisely these depressed conditions could be setting it up for the next major expansion wave.
Is DOGE About to Go Parabolic?
Starting with Ali Martinez, who told his over 165,000 followers on X that several indicators have aligned to support a bullish thesis for DOGE. First, he argued that the OG meme coin has approached a parabolic phase after the asset returned toward the bottom of the large price channel that has contained its movements for years.
As recently reported, Martinez also claimed that Dogecoin’s weekly TD Sequential indicator has produced multiple consecutive buy signals. This is a rather unusual occurrence that the analyst described as a potentially important warning of an upcoming rally.
The network activity has improved significantly as well, with active DOGE addresses jumping by double digits from 38,000 in July to 44,000 earlier this month.
The analyst’s broader argument is based heavily on the meme coin’s historical behavior. It has repeatedly spent extended periods consolidating near the bottom of long-term structures before eventually producing explosive rallies. Of course, investors should be aware that historical performance is no indicator of future price moves. Nevertheless, DOGE being at $0.07 again means that the risk/reward equation has changed substantially from the euphoric stages of previous runs.
Further Support
Martinez is not the only analyst bullish on DOGE. Crypto Patel also highlighted the asset’s current position within its long-term accumulation structure. He repeatedly identified the $0.07-$0.10 region as DOGE’s major accumulation zone and believes another successful hold could eventually pave the way toward much more ambitious targets.
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Some of his long-term projections sound quite far-fetched at the moment, as the highest is at $4. To get there, though, the meme coin would have to tap $0.28, which is the most realistic one, before it targets new all-time high territory at $1 and $2.
Popular trader Lucky told his almost two million followers to “keep an eye” on the largest and first meme coin, suggesting it could produce a considerable run over the coming weeks and months.
