Now May Be a Good Time to Buy Dogecoin, New Analysis Suggests

An analytical exposition has suggested that now is a good time to buy Dogecoin, following the completion of a perfect ABC price correction.

Now is a good time to buy Dogecoin (CRYPTO: DOGE), following the completion of a perfect ABC price correction and the bullish setup on the chart, one analyst said.

One can never go wrong buying Dogecoin, the largest meme coin by market cap, at the current price level, according to MasterAnanda. At the time of writing, the meme coin is changing hands at $0.1788.

At the current price level, it’s the final call to buy Dogecoin as it’s about to blast off to $0.703.

The huge move of 293% from the current market price aligns with the 1.618 Fibonacci (Fib) level.

Dogecoin Price Chart: An Impending Breakout

As seen in the chart, Dogecoin recently completed an ABC correction, setting up nicely for an impulsive rally.

The asset began this retracement from the December 8 high of $0.4846, with the first wave introducing a 46% correction to $0.2626.

Furthermore, the B-wave kicked in, as the asset rebounded 66% from the low to $0.4350 in January before wave C completed the pattern with a 70% drop to local support at $0.1298.

However, Dogecoin has rebounded considerably from the $0.1298 support level to its current price. But the analysis suggests the meme coin is still trading at a massive discount.

Another Crucial Level For Dogecoin

Meanwhile, another market analyst, Ali Martinez, identified a crucial level that Dogecoin needs to reach for a sustained upward push.

According to his Monday analysis, the token must reclaim $0.20 and close above this level on the monthly timeframe to see higher prices.

This $0.20 price point aligns with the bottom of an ascending wedge, within which DOGE has traded since 2017.

However, the asset’s recent bearish trends saw it drop below the channel, and Martinez believes a reclaim will spark the needed momentum for higher prices.

Specifically, the market expert shared that Dogecoin’s next target, if it closes above its former stronghold, is a retest of its all-time high of $0.74.

Moreover, Martinez highlighted that the 312.7% breakout would signal strong upward momentum and rekindle investor interest in the meme coin.

As it stands, DOGE trades at $0.1793, up 8% over the last seven days.