Dogecoin sentiment hits the lowest level in over a year.In the past few months, leading memecoin Dogecoin has tanked over 70% from a local high of $0.48434 to a low of $0.14280, nearly round-tripping over 350% gains made in Q4 2024. As such, it comes as no surprise that recent data suggests that DOGE sentiment is plummeting.However, according to one leading analyst, these current market dynamics could present a good contrarian opportunity.A Major Dogecoin Reversal Incoming?Dogecoin sentiment is at its lowest level in over a year. This is according to Santiment Feed data shared by leading crypto analyst Ali Martinez on Tuesday, March 11.Specifically, Dogecoin sentiment has dropped from November 2024 highs near 3.861 on Santiment's scale to negative 0.935 amid the memecoin's recent correction. At the same time, social volume has plummeted from nearly 3206 to 212.Dogecoin sentiment plummets. Source: Ali MartinezDogecoin sentiment plummets. Source: Ali MartinezAccording to Martinez, however, this could be a good contrarian opportunity, highlighting that similar drops in sentiment have often foreshadowed significant price reversals.Interestingly, Dogecoin whales appear to be positioning themselves for such a move. On Monday, March 10, investors holding between 100 million DOGE and 1 billion DOGE added 1.4 billion DOGE worth over $224 million at current prices. It comes in addition to a $1.7 billion purchase worth over $300 million made a day before.Is $2 the Target?Martinez has recently suggested that DOGE could be gearing up for a rally to a new all-time of $2. He asserted that this was the memecoin's next target if it could hold support at $0.16.This support region seems to align with the intersection of the 78.6% Fibonacci retracement level with the bottom of a multi-year ascending channel on the Dogecoin's daily chart.Dogecoin nears bottom of multi year ascending channel. Source: Ali MartinezDogecoin nears bottom of multi year ascending channel. Source: Ali MartinezHowever, for DOGE to embark on this run, it would likely need more favorable market conditions. In recent weeks, risk markets have been subdued by uncertainty over President Donald Trump's tariff policies. This uncertainty graduated to fears of a recession this week.
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