Dogcoin price Have struggled to recover The level of $ 0.20 is slipping under this major threshold in recent trading sessions with meme coins. after a A brief attempt to push highDogcoin has found himself close to $ 0.17, which is an important support level. According to Crypto analyst Ali Martinez, holding this level can be a large rebound foundation. Martinez shared her analysis on social media platform X, predicting that if Dogecoin maintains support At $ 0.17, it can contribute to a strong rally towards $ 2.74.
Dogecoin price needs to be kept above support at $ 0.17
In the last two weeks, the price action of dogcoin has been exposed to the steady decline along with the rest of the Crypto market. The decline in this stable dogcoin value has observed that it loses several support levels at $ 0.3, $ 0.25, $ 0.22 and most recently, $ 0.20. With Dogecoin now trading below $ 0.2, the next notable support level to monitor is $ 0.17, which can determine whether its long-year-old uptrend has been intact or faces a breakdown.
This multi-year uptrend, which is applicable from 2017, Recently highlighted In a technical analysis on social media platform X by Martinez. As shown in the Dogecoin price chart below, the meme coin is trading within a low trendline of the upper trendline and bear market climb of all time. The resulting uptrend range is divided into the upper and lower ends by a middle trendline.
As it stands, the recent market dynamics and decline have seen Dogcoin on the way to resume the lower trendline of this multi-year-old uptrend. The current market situation keeps this low trendline around $ 0.17.
image From X: Ali_Charts
Bold price target of $ 2.74
The most optimal position for a rapid tendency will be to maintain trading above $ 0.17 for dogcoin bulls. As long as the meme coin remains above this range, the wider uptrend structure remains intact, and there is sufficient possibility for a strong upward trend.
Martinez analysis shows that if Dogcoin maintains support at $ 0.17, it can experience a major breakout at any time, pushing This is for the new all-time high. Remarkably, the analyst suggested that Dogecoin would be free to move towards a target at $ 2.74, which would put it above its current all-time high $ 0.7316.
Although it may look bold Current market statusThis goal is on the middle trendline that divides the uptrend range into equal parts. Meanwhile, the upper limit of this multi-year formation suggests a even more optimistic landscape with a possible long-term target above $ 14.
At the time of writing, Dogecoin is trading at $ 0.1847, declining by 3.15% in the last 24 hours. If the dog fails to keep $ 0.17, it can withstand another negative side with a possible retracement $ 0.14 or less.
Specially displayed image from UNSPLASH, chart from tradingview
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