Dogecoin Price Targets $0.2 as Analyst Spots 'Bottom Formation'

The cryptocurrency market is witnessing a notable correction ahead of the U.S. presidential election of 2024. As Bitcoin price plunged below the $70,000 mark

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As the U.S. presidential election of 2024 draws near, the cryptocurrency market is experiencing a substantial correction. Bitcoin price has plunged below the $70,000 mark, triggering renewed selling pressure in the altcoin market. However, a renowned crypto analyst has identified a possible bottom formation for most major altcoins.

Dogecoin price is also experiencing the effects of the market downturn, but an analysis suggests that the coin could be poised for a rally to $0.2.

Crypto analyst reveals bottom formation for major altcoins

In a recent tweet, Italian crypto analyst Eliz shared an optimistic yet cautious outlook for the crypto market in the coming week. He observed that most major altcoins are starting to form a temporary bottom after the recent market sell-off.

However, investors are advised to remain patient and vigilant, especially with macroeconomic factors like the upcoming election influencing market sentiment.

Eliz’s analysis highlights a range setup for Dogecoin price, with the potential for a strong entry point if a “mega range” solidifies.

At the time of press, Dogecoin was trading at $0.15, finding support from the ascending trendline and $0.14. If buyers manage to revive the bullish momentum at $0.143, DOGE price could begin its next leg up.

The post-reversal rally could potentially drive the price to $0.02, marking a gain of 30%.

Large holders accumulate aggressively as 30-day MVRV drops to 5.5%

According to data from santiment, large holders with wallet sizes ranging from 10 million to 100 million coins have notably increased their accumulation. Their holdings have surged from 14.66 billion to 18.97 billion coins, indicating a 30% growth.

The aggressive accumulation by large holders typically suggests expectations of price appreciation, which could bode well for sustained buying pressure and broader market interest in the coin.

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