Dogecoin Sentiment Nears Yearly Low, Good Time To Buy?

Dogecoin Sentiment Nears Lowest In A Year, Signaling A ‘’Daring Contrarian’’ Opportunity

Updated: 10 January 2025

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Sentiment toward meme coin titan Dogecoin (DOGE) is close to its lowest point in a year and that may signal significant upside potential if the crypto market trends back up, said on-chain intelligence firm Santiment

“Crowd sentiment has been near its lowest point over the past year, meaning there is actually some nice upside to be a daring contrarian toward DOGE (in particular) if crypto markets begin to trend upward again,” Santiment said in a Jan. 9 crypto markets insight report.

Trader Says Dogecoin Is Forming A “Selling Climax Bottom”

Since reaching a top 1 month ago, Dogecoin has shed approximately 28% of its value, according to Santiment. Sentiment around the largest meme coin by market cap is also currently bearish, with Santiment rating crowd sentiment for Dogecoin just 1 out of 5.

However, there might be a bullish change in DOGE’s trend soon, according to a popular trader and analyst who goes by the X username “Trader Tardigrade.” In a post published today for his more than 70.2K followers, the analyst said that the meme coin is forming a “selling climax bottom.”

#Dogecoin Could Be Forming a Selling Climax Bottom 🔥$Doge remains above a support trendline, providing a secondary test (ST) to the structure.
Eventually, $Doge will show a sign of strength (SOS) in the surge 🚀🚀 pic.twitter.com/Fx57HyWGsy

— Trader Tardigrade (@TATrader_Alan) January 10, 2025

The analyst also noted that DOGE remains above a key support trendline. As such, the X user forecasts that the crypto will start to show a “sign of strength,” which will lead to a surge.

Altcoin Bull Market Not Over Yet

Renowned analyst and trader Michael van de Poppe also recently shared his take on the market and rebuffed the idea that the altcoin bull market is over.

The #Altcoin bull market is over!

That's the current thesis on the markets.

Let me tell you, it's not.

This correction is the shake-out before it begins.

There's so much on the horizon that will reward you if you're holding those altcoins.

The party is about to get… pic.twitter.com/pJIGLY7th4

— Michaël van de Poppe (@CryptoMichNL) January 9, 2025

According to the analyst, the recent correction in the altcoin market cap is just a “shake-out” before the actual bull run begins. “There’s so much going on that the current market valuation is a very low one compared to the upcoming one in the coming 2-5 years,” he said.