Dogecoin’s price has been struggling lately. It’s dipped below the important $0.20 mark after a few attempts to climb higher. Now it’s hanging around $0.17, a key support level.
Holding the Line at $0.17
According to crypto analyst Ali Martinez, $0.17 is crucial. If Dogecoin can stay above this price, it could trigger a significant price increase.
Martinez, in a social media post, predicted a potential rally all the way to $2.74 if this support holds.
Dogecoin’s Long-Term Trend
Over the past couple of weeks, Dogecoin has been falling along with the rest of the crypto market. It’s already broken through several support levels ($0.30, $0.25, $0.22, and $0.20). The next big test is $0.17. Holding above this level is vital for maintaining a long-term upward trend that’s been in place since 2017. Martinez’s analysis shows Dogecoin moving within a long-term trendline, with $0.17 representing the lower boundary.
A Bold Prediction: $2.74
If Dogecoin stays above $0.17, Martinez believes a major breakout is possible, potentially leading to new all-time highs. He’s even suggested a price target of $2.74 – a very ambitious prediction considering the current market and Dogecoin’s all-time high of $0.7316. This $2.74 target aligns with the middle trendline of the long-term uptrend. An even more optimistic scenario, based on the upper trendline, could see Dogecoin reach prices above $14 in the long term.
Current Price and Potential Downside
At the moment, Dogecoin is trading around $0.18, down slightly. However, if it fails to hold the $0.17 support, further drops to $0.14 or lower are possible.
