Dogecoin Set for Take Off: Analysts Call Last Buy Opportunity After Dip to $0.36
The price of Dogecoin revisited lows at $0.3668 on Tuesday when a bearish storm rocked the market. While Dogecoin is in a recovery phase, it is still within the $0.39 region. Analysts are warning investors to seize the window to purchase the meme coin before it goes parabolic again.Technical analyst Crypto Scofield expressed this sentiment in a post on X. He warned the community that this may be their last chance to buy Dogecoin before it takes off again. According to him, missing this opportunity could mean missing out on major pumps that have historically followed Dogecoin's dips.Notably, before Dogecoin reached its current position, it traded as low as $0.089 in September and $0.1015 in October. However, Dogecoin spent most of November breaking higher levels not seen since 2021 before losing momentum at $0.4835 in December.Investors who joined Dogecoin before the pump benefited from a streak of green candles. While Dogecoin's price has since dropped by 24% from its multi-year peak, analysts continue to urge investors to seize the opportunity to buy Dogecoin at a discount before the next wave.Commentators like Crypto Scofield are targeting a $3 price for Dogecoin in the near-term outlook.Dogecoin Set-up Shows Attractive Risk-Reward RatioOther analysts have similarly voiced bullish sentiments on Dogecoin amid the recent dip. According to analyst Rose, Dogecoin's current setup offers an attractive risk-reward ratio for long-term holders.This analyst called for a long position on Dogecoin, urging market participants to take profits once the asset reaches $0.70, around where it peaked in the last cycle, and $0.9977, which would mark an unprecedented price territory for DOGE.Meanwhile, the analyst cautioned that if the bearish trend continues, holders should consider closing their long positions at $0.32 to minimize risk.In a separate commentary, analyst Kriss Pax assured market participants that there is nothing wrong with Dogecoin. He stated that while Dogecoin has been in a period of sideways price action for about a month, there is nothing fundamentally wrong with it, and it will soon resume its bull run.
Text source: The Crypto Basic
