The Dogecoin price slump, synchronizing with the broader crypto market downturn, has breached a crucial support level. This drop below the $0.18 mark has indicated a change of fortunes, possibly catalyzing further declines. A cryptocurrency pundit had previously foreseen this market downturn, accurately calling it out before it transpired. However, it’s not all doom and gloom for the meme coin. Longer timeframes portray a more promising outlook for Dogecoin.
Dogecoin’s Long-Term Outlook Remains Positive
Crypto analyst Master Ananda, in a TradingView post, speculated on Dogecoin’s future trajectory. At the moment of his post, Dogecoin was still hovering near the $0.2 mark, with the market maintaining an upward trend. The overall market sentiment was leaning towards the positive, but the analyst was anticipating a potential pullback.
Master Ananda clarified that Dogecoin’s outlook was bearish in the short-term, leaving the long-term timeframe for bullish prospects. So far, the meme coin’s market trend seems to align with the crypto pundit’s predictions.
The analyst predicted a correction, citing the April 2025 low and the subsequent lower highs as the basis. This trend began in December 2024, with Dogecoin experiencing lower highs, indicating a build-up of bearish momentum in the market.
Currently, as Dogecoin’s price dips below the $0.18 support, Master Ananda simply identifies it as a continuation of the decline that started on May 11 following a market recovery. While this suggests a short-term bearish outlook and the possibility of further correction, the analyst doesn’t expect this downturn to persist.
What Lies Ahead for Dogecoin?
Regarding the current Dogecoin price correction, Master Ananda anticipates it will bottom out above the April 7 lows, which were above $0.13. This would place the meme coin at around $0.15 before recovery commences.
Master Ananda advises investors, particularly those holding spot bags, to wait until the storm passes. He then expects the altcoin to regain its bullish momentum. For short traders, he recommends caution and not to hold the trade for an extended period, given the short range.
“We are very likely to get a higher low compared to 7-April,” Master Ananda projected. “If too many leveraged positions are open though and the market wants to remove those, there can be a long wick that pierces support for the action to recover the next day.”
