Dogecoin (CRYPTO: DOGE) prices dipped below the $0.2 mark on Thursday as part of a broader cryptocurrency market correction, presenting an opportunity for investors to buy the dip.

However, one analyst had pointed out a key level to watch on the lower timeframes before considering accumulating the foremost meme coin.

What Happened: Crypto analyst DecyX took to X, formerly Twitter, to tell investors to wait for Dogecoin to "grab the bid" liquidity at $0.187 before accumulating the meme coin.

He added that investors should look for bullish price action on the lower timeframes (LTFs) and set a target on the imbalance zone between $0213 and $0.215. A full fill of this zone could send DOGE to above $0.235, according to the analyst.

DecyX further noted that the Fair Value Gap (FVG) above is still untouched and that the $0.2597 strong high is a magnet long-term for Dogecoin.

His statements come just as the meme coin dropped below the psychological $0.2 level. This price decline has occurred following the Bitcoin (BTC) price correction from its all-time high (ATH) recorded two weeks ago.

Another crypto analyst, Kevin Capital, took to X to tell Dogecoin holders that they want to see the meme coin hold onto between $0.1901 and $0.1839.

Failure to hold between this range could send DOGE to as low as $0.17, while a break above this range could send the meme coin to as high as $0.22, according to the analyst.

Kevin Capital has on several occasions drawn the correlation between the Dogecoin and Bitcoin price.

In another X post, he commented on the Bitcoin price and warned that things could get "sketchy" for the flagship crypto—meaning that DOGE is also at risk.

The weekly close for Bitcoin was below $106,800, which puts it back in the danger zone, according to the analyst, adding that it needs to return above that level within the coming days to avoid things becoming sketchy.

Dogecoin Could Be Bottoming Out: Crypto analyst Trader Tardigrade took to X to point out that Dogecoin could be forming a double bottom on the 4-hour chart.

He stated that he expects a reversal from the $0.18 zone, with the meme coin rallying back above the psychological $0.2 zone.

Trader Tardigrade also alluded to Dogecoin’s daily chart, revealing a hidden Bullish Divergence on DOGE’s Relative Strength Index (RSI).

This occurs when the crypto price is creating a higher low on the daily chart, while its RSI shows a lower low.

Meanwhile, the analyst revealed that Dogecoin is breaking out from a Symmetrical triangle on the 1-hour chart. A breakout from this triangle is also expected to send the meme coin above the $0.2 level.

At the time of writing, the Dogecoin price is trading at around $0.1906, down 0.80% in the last 24 hours, according to data from CoinMarketCap.