Analyst Who Accurately Predicted Dogecoin Drop Below $0.20 Shares Next Target
A prominent analyst has predicted the next major Dogecoin support after it failed to break above the resistance area at $0.20.Dogecoin is up 6% today as the broader crypto market records a strong start to the new week. Despite the surge, the doggy-themed meme coin has been unimpressive since the beginning of the year.With a 42% year-to-date decline, DOGE is officially the worst-performing asset in the top 15 cryptocurrencies by market cap. For further perspective, the asset has reclined in six of the eight weeks this year, falling over 30% from its high of $0.2408 last week.Meanwhile, an analyst who accurately predicted further downsides for Dogecoin has highlighted the probable support the prominent meme coin will likely find solace at.Further Downside for Dogecoin?In a TradingView analysis, MadWhale accurately predicted that Dogecoin would break down from the psychological $0.2 resistance area at the top of its descending triangle. Notably, the meme coin lost the level two days ago, capsizing from a high of $0.2011 on March 8 to its current price.Interestingly, the analyst predicted further downsides, specifically stating that Dogecoin could correct 20% from the resistance area. MadWhale suggested that DOGEs next target after the rejection is its major daily support at $0.15, an area reinforced by a crucial trendline.
Text source: The Crypto Basic
