Amid Dogecoin Price Dip, Trader Predicts 'Major Support Zone' For Meme Coin

Influential crypto trader Kevin, formerly known as OG_Yomi, recently predicted a major support zone for Dogecoin DOGE/USD, amidst a turbulent crypto market.

What Happened: On Tuesday, Kevin took to X, previously known as Twitter, to share his views on the current state of Dogecoin. He stated, “After the weekly close I made the prediction that #Dogecoin would come down to test the .125-.13 cents level. We officially came down to .129 so far.”

After the weekly close I made the prediction that #Dogecoin would come down to test the .125-.13 cents level. We officially came down to .129 so far. At this point this is a major support zone and if the #Crypto market is in a real bull market we should not lose this zone. If we… https://t.co/DFWqFiydia

— Kevin (@Kev_Capital_TA) April 30, 2024

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Kevin further emphasized the importance of this zone, stating, “At this point this is a major support zone and if the #Crypto market is in a real bull market we should not lose this zone.”

Dogecoin has seen a sharp fall in prices recently. The Shiba Inu-themed meme coin has slid 18.8% over a seven-day period, while over a longer 30-day span, it has lost more than 38% of its value. Even so it has managed to gain more than 47% since the year began.

Why It Matters: Kevin’s prediction comes at a time when Dogecoin’s performance has been under scrutiny. Just a week ago, he expressed his views on the meme coin’s performance, stating that the crypto had closed its lowest weekly candle in almost two months.

He suggested that a retest of the $0.125 to $0.13 level now seems likely, emphasizing that this is a crucial support level that must hold for Dogecoin to maintain its bullish outlook. A breach of this level could potentially lead to further downside pressure on the cryptocurrency's price.

Earlier this month, Kevin shared a bullish outlook on Dogecoin's performance against Bitcoin BTC/USD, noting the cryptocurrency's consolidation in the golden pocket and its position above all bull market up trending moving averages.

Price Action: At the time of writing, Dogecoin traded nearly 7.9% lower at $0.13, according to data from Benzinga Pro.

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