Crypto Analyst Says Dogecoin Will Only Rally If 'Bulls Can Find Some Demand', Spots Crucial Support Level

A pseudonymous analyst, known as Crypto Tony, on Tuesday said that Dogecoin DOGE/USD will experience a rally only if there is sufficient demand from the bulls. 

What Happened: In reference to the current situation, Crypto Tony stated, “So we are hanging tight on that support zone.” 

The support zone indicated on Crypto Tony’s chart was identified at $0.060.

Crypto Tony further explained, “I will have to short if we lose that level, but if the bulls can find some demand here and pump, then we can long. Two triggers for an entry, which one hits.”

$DOGE / $USD – Update

So we are hanging tight on that support zone. I will have to short if we lose that level, but if the bulls can find some demand here and pump then we can long

Two triggers for an entry, which one hits pic.twitter.com/1mEGh0QiYo

— Crypto Tony (@CryptoTony__) October 3, 2023

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Why It Matters: Regarding Bitcoin BTC/USD, Crypto Tony pointed out, “Holding that $27,000 low, so I remain long for the time being. I would be shorting if we lose this low here, or pump up and reject hard as suggested on the chart below.”

$BTC / $USD – Update

Holding that $27,000 low, so i remain long for the time being and would be shorting if we lose this low here, or pump up and reject hard as suggested on chart below pic.twitter.com/bSDjWWaJEU

— Crypto Tony (@CryptoTony__) October 4, 2023

Last month, Crypto Tony shared price predictions and emphasized the cyclic nature of financial markets, including the phases observed in the cryptocurrency space. 

Highlighting DOGE's potential, Crypto Tony stated, "We all know the game plan on DOGE, right." Based on a chart shared by the analyst, DOGE is expected to reach levels around $0.17 before April 2024, indicating an increase of approximately 170%.

Price Action: At the time of writing, BTC was trading at $27,362.22, down 0.86% in the last 24 hours, according to Benzinga Pro.

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