Crypto analyst Hov has stated that the macro target for Dogecoin price remains unchanged despite recent developments crypto market crash. This comes as DOGE aims to regain the psychological level of $0.2, which could spark a significant rebound for the meme coin.
Macro target for Dogecoin price remains above $2
In one X messagethe crypto analyst stated that he still has the same macro target for the Dogecoin price. His accompanying card showed it DOGE could rise to $3 by next year, which would mark a new all-time high (ATH) for the altcoin. However, there is a possibility that the meme coin will continue trading sideways until the end of the year.
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Meanwhile, Hov noted that Dogecoin’s price action had played out as expected, with DOGE correcting its low and crashing by more than 50%. He added that the move has not quite reached the lower support level yet, but the move from the low seems quite corrective so far. The meme coin had crashed from a high of around $0.30 last month and recently reached $0.11 during the crash that followed Trump’s announcement of 100% tariffs on China.
Hov also stated that the focus will be on how Dogecoin’s price action develops over the next week to see if the corrective C-wave move is present. DOGE is currently trying to recover and regain the psychological level of $0.2. This has been fueled by optimism about a potential trade deal between the US and China.
The White House has confirmed that US President Donald Trump will meet Chinese President Xi Jinping on October 30 at the APEC summit. Meanwhile, the September CPIwhich fell yesterday came in lower than expected, which also contributed to a rebound in the Dogecoin price.
DOGE’s third bull wave on the horizon
Crypto analyst Ether revealed in a X message that the third bull wave is on the horizon for the Dogecoin price. He noted that DOGE has experienced two big bull waves in 2017 and 2021 and that another bull wave is now loading. The analyst has dissected the current price action, which points to a new bull wave.
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Ether revealed that the long downtrend has been broken and the retest is now complete. He further noted that the 25MA is back at support on the higher time frame. Meanwhile, Dogecoin price would gain strength in the lower band of a multi-year rising channel. The analyst added that all technical indicators are “whispering” the beginning of a new cycle. As such, he believes that the 3rd bull wave it’s a matter of when, not if.
At the time of writing, the Dogecoin price is trading around $0.19, up in the past 24 hours, according to facts from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
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