Crypto analyst Hov said the macro target for Dogecoin price remains unchanged despite recent crypto market crash. This comes as DOGE seeks to reclaim the psychological $0.2 level, which could trigger a significant rebound for the meme coin.
Macro target for Dogecoin price remains above $2
In a Messagethe crypto analyst said he still has the same macro target for Dogecoin price. The accompanying table showed DOGE could climb back to $3 by next year, which would mark a new all-time high (ATH) for the altcoin. However, it is possible that the coin itself will continue to trade sideways until the end of the year.
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Meanwhile, Hov noted that Dogecoin’s price action played out as expected, with DOGE correcting from the low and crashing by over 50%. He added that the move hasn’t really reached the lower support level, but so far the move from the low looks pretty corrective. The meme coin crashed from a high of around $0.30 last month, recently hitting $0.11 amid the ensuing crash. Trump’s announcement of 100% tariffs on China.
Hov also said that the focus will be on Dogecoin price action over the next week to see if the C wave corrective move is underway. DOGE is currently looking to rebound and reclaim the psychological $0.2 level. This was triggered by optimism regarding a potential trade deal between the United States and China.
The White House has confirmed that US President Donald Trump will meet with Chinese President Xi Jinping on October 30 at the APEC summit. Meanwhile, the September CPIwhich fell yesterday, was lower than expected, which also contributed to the Dogecoin price rebound.
DOGE’s 3rd bullish wave on the horizon
Crypto analyst Ether revealed in a Message that the 3rd bullish wave is on the horizon for the Dogecoin price. He noted that DOGE has experienced two large bullish waves in 2017 and 2021 and another bullish wave is loading. The analyst analyzed the current price action, which suggests another bullish wave.
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Ether revealed that the long downtrend has been interrupted and the retest is now complete. He further noted that the 25MA on the higher time frame is back to support. Meanwhile, Dogecoin price is reportedly strengthening at the lower band of an ascending channel that has lasted for years. The analyst added that all technical indicators “whisper” the start of a new cycle. As such, he believes that 3rd wave of bulls It’s a question of when, not if.
At the time of writing, Dogecoin price is trading at around $0.19, up over the last 24 hours, according to data from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
