Crypto analyst KrissPax believes Dogecoin has found a bottom around 9 cents, despite the pullback from recent highs.
In a video posted to his YouTube channel on December 12, cryptocurrency analyst and influencer KrissPax shared his latest thoughts on the price movement and outlook for the popular memecoin Dogecoin (DOGE).
The analyst believes the broader cryptocurrency market is currently in a period of decline and consolidation after many major cryptocurrencies surged last month. He cited Bitcoin (BTC) falling below $42,000 as an example of a market reset in an overheated situation.
Focusing on Dogecoin, the analyst noted that DOGE has pulled back from local highs of more than 10 cents reached earlier this month. However, he believes the coin has found support at the 9-cent level, near where it was trading on December 5, just over a week ago.
“We will now reset to that level and see where Doge goes from here,” the analyst said. He still believes there could be further declines in the near term, but sees the 9-cent zone as an important area of potential buying interest.
A major potential catalyst for Dogecoin is the DOGE-1 mission scheduled for the end of December. Analysts predict the mission could spark interest and push the price up more than 11 cents. But he warned traders to be wary of excessive use of leverage, which has led to serial liquidations during recent volatility.
The analyst maintained his optimistic medium-term outlook, saying that if Dogecoin can break through resistance around 11 cents, it opens the door for the price to revisit levels near 16 cents it reached in late 2022. His year-end price target remains at 12 cents.