Dogecoin recently dipped to $0.174, but experts are still bullish. The coin needs to break some key resistance levels to really take off, though.
A Crucial Price Point
Analyst Ali Martinez thinks Dogecoin could hit its all-time high of $0.74. But first, it needs to conquer the $0.20 mark. This level has acted as a launchpad for previous price surges. A strong close above $0.20 could signal a big rally. Failure to break through, however, could lead to a significant drop. If things go south, the next support level is around $0.065.
Technical Analysis Suggests Strength
Another analyst, Kevin Capital, points out that Dogecoin recently bottomed out at a key Fibonacci level and that the weekly RSI shows strength. While a minor pullback is possible, the overall trend is still looking positive. The risk-reward ratio looks good, with potentially large gains and limited downside.