Thinking Of Buying Dogecoin Now? Here Is A Breakdown Of The Bullish Developments So Far

Dogecoin has been making waves so far in this bull market. Recently, the meme coin experienced a significant price crash after recording double-digit gains and rallying to new highs earlier this year. Despite the cryptocurrency’s declining momentum, a seasoned crypto analyst has highlighted strategic entry points and potential upside targets for DOGE. The analyst also provided a thorough breakdown of Dogecoin’s bullish developments for investors considering buying the meme coin.

Analyst Shares Dogecoin Bullish Developments And Buy Strategy

In a recent X (formerly Twitter) post on February 4, crypto analyst Anbessa shared a technical analysis of Dogecoin’s price movements and bullish developments. The analyst disclosed that he had entered the market at an early stage of $0.09, possibly due to conviction in its potential and for the attractive meme culture. He claimed it was the best entry point, as he had caught a local bottom.

Following the $0.09 entry, the asset experienced a bullish breakout, surging 5X and skyrocketing to key resistance at the 0.786 Fibonacci level. This key level is typically used to identify potential price reversal zones; however, in this case, it marked the beginning of a “throwback” move for Dogecoin.

After its sharp 5X rally, Dogecoin’s present price action has entered a throwback phase. This means that its price is now correcting to retest previous support levels. According to the data from CoinMarketCap, DOGE plummeted by a staggering 20.1% in the last seven days. This massive price correction marks one of the highest in 2025. Moreover, Dogecoin’s value plunged over 30% over the past month. 

Presenting a price chart, Anbessa has pinpointed the $0.26 price point as a critical area where Dogecoin could find potential support before continuing its upward momentum. Interestingly, this key support level also aligns with Dogecoin’s Ascending Channel resistance, which the trader predicts a retest may occur. 

Sharing a bullish outlook for the meme coin, Anbessa disclosed that DOGE/BTC is currently retesting a breakout from a long-term Falling Wedge pattern on the High Time Frame (HTF). This pattern is typically seen as a historically bullish structure, signaling a potential price reversal to the upside. 

Anbessa has predicted that if this Falling Wedge breakout retest holds, a bullish continuation rally is expected, potentially leading to a new all-time high for Dogecoin. The analyst has set his DOGE ATH target above the 1.00 Fibonacci level at $0.77. He also noted that bullish catalysts like Elon Musk’s tweets about DOGE have zero effect on the meme coin’s price action at this current market stage. 

Is Now A Good Time To Buy DOGE?

Based on Anbessa’s analysis, Dogecoin’s recent price action aligns with classic bullish patterns, suggesting that its current pullback to the $0.26 level could be a buying opportunity. If support holds, the analyst expects DOGE to experience another leg up, potentially reaching a new ATH. 

However, the market remains volatile as ever, and investors should recognize that most predictions are purely speculative. As such, price movements from unstable assets like Dogecoin can be unpredictable, driven by hype, social media trends, public sentiment, and sudden market changes.

Featured image from Adobe Stock, chart from Tradingview.com