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

Bearish sentiment toward meme coin titan Dogecoin (DOGE) has reached its lowest point in a year, which may signal significant upside potential if the crypto market trends back up again, said on-chain intelligence firm Santiment on Jan. 9.

“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,” the firm noted in its latest crypto markets insight report.

Sell Pressure May Be Drying Up Around Dogecoin

In the report, Santiment also highlighted key price action movements observed around DOGE over the past month. According to the firm, the largest meme coin by market cap has shed roughly 28% of its value since topping out 1 month ago.

Moreover, sell pressure appears to be drying up around the meme coin, as evidenced by a downtrend in realized losses, the firm noted. This metric measures the total loss incurred by all coins that were sold at a loss during a specific period of time.

“This crowd tends to sell the bottom (panic) and buy the top (FOMO) in the majority of cases, so contrarian thinking can often lead to better trades,” Santiment added.

Trader Says DOGE Is Now At Make-Or-Break Point, Litecoin Surging

Meanwhile, a popular trader and analyst who goes by the X username “Trader Tardigrade” is keeping a close eye on DOGE, observing a crucial make-or-break point for the meme coin.

At the same time, the analyst noted that Litecoin (LTC) is surging and showing a strength sign, which could lead to a 2X to 3X move from here. Both observations were shared in separate posts today for his over 70.2K followers.

DOGE Making a selling climax bottom / 2nd H4 candle after (ST) support retest. Eventually, showing a sign of strength (SOS) in the surge.

$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 $$Doge Making a selling climax bottom / 2nd H4 candle after (ST) support retest. Eventually, showing a sign of strength (SOS) in the surge.

$LTC Surging / 2nd day of strength after the SOS (Sign Of Strength) from the bottom / Expecting a 2-3X from here, which would be around $120. Good luck, traders.

$LTC Surging / 2nd day of strength after the SOS (Sign Of Strength) from the bottom / Expecting a 2-3X from here, which would be around $120. Good luck, traders.