Analysts indicate that Doge is nearing the end of its price correction and is preparing to surge above $0.3. This analysis is based on Fibonacci movements, highlighting a significant reversal for Doge. According to TradingShot's analysis, Doge's price has shown a downward trend for two months, suggesting a potential surge above $0.3 soon.
The analysts note substantial trading volumes, signaling a bullish market despite any timeframe. However, Doge has faced heavy selling, touching the 200-day moving average (MA) for the first time since October 25, 2024. Conversely, analysts observe that if this downtrend is short-term, the lowest price of Doge recorded on February 3, 2025, is the technical Fibonacci bottom.
This resembles previous patterns recorded on December 20, 2024, with a rebound nearly reaching Fib level 0.786. With rapid and excessive declines, analysts predict a new upward target at $0.380, slightly below Fib level 0.786, following the crypto market sell-off over the weekend. Investors remain cautious following Trump's announcement on import taxes from Mexico and Canada.