Dogecoin (CRYPTO: DOGE) is showing signs of a potential rebound from the $0.08 support level, according to key opinion leaders.
Pseudonymous trader TheDefiVillain noted on Monday that altcoins remain in a cooling-off phase following their late-September peak, but Dogecoin has retraced almost two-thirds of its rally since August, suggesting a significant portion of speculative excess has already been flushed out.
Why Are Analysts Bullish On Dogecoin?
Crypto chart analyst Ali Martinez identified three bullish signals supporting a potential Dogecoin recovery:
- The TD Sequential indicator flashed a buy signal near $0.08, a technical indicator that has previously identified potential DOGE price reversals.
- On-chain data shows approximately 36 billion DOGE previously changed hands around $0.08, establishing a significant support zone.
- Whales have accumulated approximately 600 million DOGE since Oct. 12, suggesting large holders are buying near current levels.
If the $0.08 support holds, Martinez sees a potential rebound toward $0.17.
Meanwhile, almost 14 billion DOGE were acquired around $0.17, creating substantial overhead supply that could trigger profit-taking.
Is Dogecoin Preparing For Its Next Rally?
Another analyst highlighted that Dogecoin has completed a five-wave advance followed by a three-wave correction into a critical support zone.
DOGE is now trading near the anticipated reversal level, making its next price move crucial for determining the broader trend.
Failure to defend support would invalidate the immediate bullish setup and require reassessing the outlook.
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