Wondering When To Buy Dogecoin? Analyst Says Wait For This Level

Source Bitcoinist

Dogecoin, like the rest of the crypto market, has been struggling recently despite the market recovery. This has been due to the stall in the rally as investors wait for the next move from Bitcoin. During this time, bearish sentiment has begun to take hold once again. However, this makes it a time for investors to consider entries into cryptocurrencies like Dogecoin, and one crypto analyst has revealed the best level to get into DOGE.

Wait For Support At $0.17

Crypto analyst Lingrid on the TradingView website has returned with expectations for the Dogecoin price and where the meme coin could be headed next. As a result, this has seen the exposure of the next levels that would make a great entry point for the meme coin. Now, as the downward correction takes hold, the crypto analyst believes that investors should wait for the next major support level before buying.

The next support level in question is at $0.17, which the analyst believes will be filled. Currently, the Dogecoin price is falling from a fake breakout and is now struggling with sideways movement. This shows that the altcoin is headed for the next support area.

At this point, which is $0.17 and $0.171, it aligns with the upward trend line before the last rally that pushed Dogecoin above $0.18 recently. This makes $0.17 an ideal buy level as bulls would be looking to hold this support. As the crypto analyst explains, a successful hold of this support would see a resumption of a bullish rebound, which could push the meme coin back up as high as $0.1850.

Dogecoin buy

Basically, the time to buy would be a bounce from the trend line of $0.17. “As long as price stays above the trend-line, bullish structure remains valid,” the analyst explained. However, things could still go awry from here.

What Happens If Bears Break Down The Support?

While the bullish scenario holds strong in this case, there is still the possibility that bears could push the Dogecoin price further down below $0.17. In that case, the crypto analyst explains that a deeper correction could be on the horizon. It is likely that a break of this support would see bulls scramble to hold $0.165.

Other factors that could cause a problem include “Sudden spikes in Bitcoin or market-wide sentiment shifts,” which the analyst believes can shake the setup, and “Lower timeframe volatility near trend-line” that could trap early entries.

Given this, it is imperative that bulls hold $0.17 when the time comes, which is around an 8% drop from the current price at the time of this writing.

Dogecoin price chart from TradingView.com
Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
US Dollar Index (DXY) advances to two-week high near 99.75; not out of the woods yetThe US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, attracts some buyers for the third straight day and climbs to a two-week high, around the 99.70-99.75 region during the Asian session on Thursday.
Author  FXStreet
12 hours ago
The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, attracts some buyers for the third straight day and climbs to a two-week high, around the 99.70-99.75 region during the Asian session on Thursday.
placeholder
EUR/USD Price Forecast: Bullish outlook remains in play near 1.1300The EUR/USD pair weakens to around 1.1295 during the early European session on Thursday, pressured by the renewed US Dollar (USD) demand. The optimism over the potential de-escalation of the US-China trade war provides some support to the Greenback and creates a headwind for the major pair.
Author  FXStreet
12 hours ago
The EUR/USD pair weakens to around 1.1295 during the early European session on Thursday, pressured by the renewed US Dollar (USD) demand. The optimism over the potential de-escalation of the US-China trade war provides some support to the Greenback and creates a headwind for the major pair.
placeholder
Ripple Price Forecast: XRP builds bullish momentum as Ripple eyes Circle with $5B acquisition bidRipple’s (XRP) price is consolidating at $2.21 at the time of writing on Thursday, reflecting sideways trading in the wider cryptocurrency market. There is a growing need for XRP to hold above the immediate $2.20 confluence support to validate the potential breakout targeting $3.00.
Author  FXStreet
12 hours ago
Ripple’s (XRP) price is consolidating at $2.21 at the time of writing on Thursday, reflecting sideways trading in the wider cryptocurrency market. There is a growing need for XRP to hold above the immediate $2.20 confluence support to validate the potential breakout targeting $3.00.
placeholder
GBP/JPY rises to near 192.00 after BoJ’s Ueda speechThe GBP/JPY cross gains ground to near 191.95 during the early European session on Thursday. The Japanese Yen (JPY) softens against the Pound Sterling (GBP) after the Bank of Japan (BoJ) kept interest rates steady and slashed its growth forecasts on Thursday. 
Author  FXStreet
12 hours ago
The GBP/JPY cross gains ground to near 191.95 during the early European session on Thursday. The Japanese Yen (JPY) softens against the Pound Sterling (GBP) after the Bank of Japan (BoJ) kept interest rates steady and slashed its growth forecasts on Thursday. 
placeholder
NZD/USD edges lower to near 0.5900 as US Dollar appreciates ahead of ISM Manufacturing PMIThe NZD/USD pair has trimmed its daily gains and is depreciating, trading near 0.5920 during the early European session on Thursday. The New Zealand Dollar (NZD) faces pressure as expectations mount for further monetary easing by the Reserve Bank of New Zealand (RBNZ).
Author  FXStreet
12 hours ago
The NZD/USD pair has trimmed its daily gains and is depreciating, trading near 0.5920 during the early European session on Thursday. The New Zealand Dollar (NZD) faces pressure as expectations mount for further monetary easing by the Reserve Bank of New Zealand (RBNZ).
goTop
quote