Crypto analyst Selim has provided an in-depth analysis of the Dogecoin price action. He revealed that the foremost meme coin is about to enter the anger phase and warned investors not to get caught in the trap.
Dogecoin Price About To Enter The Anger Phase
In a TradingView post, Selim stated that based on recent Dogecoin price action and classic market psychology cycles, DOGE appears to be entering the Anger phase. He explained that this is a point where many retail traders give up and start blaming the market or external forces, while smart money starts preparing to accumulate. In line with this, the analyst warned investors not to get caught in the trap before the rally begins.
Selim then went on to break down these market psychology cycles. Using the ‘Stock Market Psychology Cycle,’ he noted that the Dogecoin price has already moved through the Euphoria phase when it touched $0.43. DOGE also moved through the Complacency to Denial phase when it pulled back to between $0.28 and $0.20, while the Panic and Capitulation phase occurred when the meme coin dropped to $0.14.
How It Could Play Out For The Meme Coin
With the Dogecoin price now hovering between $0.12 and $0.13, the analyst noted that this matches the sentiment of anger, where people complain about manipulation and finally capitulate. Moving forward, Selim predicts that DOGE could record a short-term relief rally to $0.19, attracting late buyers and creating a bull trap.
Once that happens, he predicts that the Dogecoin price will pull back to $0.11, which would represent a final shakeout, trigger stop losses, and lead to talks about DOGE being dead. The analyst believes a strong reversal will then happen after that, with the foremost meme coin targeting $0.23, fueled by tax season ending, meme coin rotation, and potential DOGE narrative catalyst.
Selim revealed his strategy amid this Dogecoin price crash. He stated that he would watch closely for the rejection near $0.19 and plan to accumulate near $0.11 if volume confirms support. Meanwhile, the analyst is targeting $0.23 as the disbelief rally kicks in.
DOGE Could Still Drop To As Low As $0.06
In an X post, crypto analyst Ali Martinez warned that the Dogecoin price could still drop to as low as $0.060. He stated that the foremost meme coin is breaking out of an ascending parallel channel, which signals a potential move toward this target.
Ahead of this potential Dogecoin price crash, DOGE whales are heavily capitulating and offloading their holdings. Martinez revealed that these whales have sold over 1.32 billion DOGE in the last 48 hours.
At the time of writing, the Dogecoin price is trading at around $0.14, down over 4% in the last 24 hours, according to data from CoinMarketCap.
Related Posts
