Dogecoin’s award have been struggling to recover The $ 0.20 level, with the MEME coin that slides below this key threshold in the latest trading sessions. After one Short attempt to drive higherDogecoin has found itself to consolidate close to $ 0.17, which is an important level of support. According to crypto analyst Ali Martinez, it may be the basis for a great recovery. Martinez shared his analysis on social media platform X and predicted that if Dogecoin maintains support At $ 0.17, it can contribute to a strong rally against $ 2.74.
Dogecoin price must hold over support to $ 0.17
Dogecoin’s price measure over the past two weeks has been highlighted by a steady decline along with the rest of the crypto market. This stable Dogecoin price decline has seen it lose several support levels to $ 0.3, $ 0.25, $ 0.22 and no later than $ 0.20. With Dogecoin, which is now shopping under $ 0.2, the next remarkable level of support is to keep an eye of $ 0.17, which can determine whether its long -standing multi -year trend remains intact or faces a degradation.
This perennial trend, which has been around since 2017, recently marked In a technical analysis on social media platform X by Martinez. As shown in the Dogecoin Prize diagram below, the MEME coin has traded within an upper trend line for all the time and a lower trend line with a low-low bear market. The resulting upward range is divided into an upper and lower end of a middle trend line.
As it says, the latest market dynamics and decline has seen Dogecoin on the road to test the lower trend line for this multi -year trend. Current market conditions invest this lower trend line about $ 0.17.
Photo From X: Ali_charts
Bold price target of $ 2.74
The most optimal condition for a hooked trend would be for Dogecoin Bulls to maintain trade above $ 0.17. As long as the Meme coin holds over this threshold, the wider upward structure remains intact, and there is enough possibility for a strong upward trend.
Martinez’s analysis indicates that if Dogecoin maintains support for $ 0.17, it may experience a major outburst at any time and drive It to new holidays. It is remarkable that the analyst suggested that Dogecoin would be free to go to a target to $ 2.74, which would set it over its current maximum of $ 0.7316.
Although this may sound bold in view of Current market conditionsThis goal is in the middle trend line that divides the trend interval into equal halves. At the same time, the upper limit for this multi -year formation proposes an even more optimistic scenario with a possible long -term goal over $ 14.
At the time of writing, Dogecoin is traded at $ 0.1847 after decreasing by 3.15% over the past 24 hours. If Doge fails to keep $ 0.17, it may face a further disadvantage of possible retreat centers to $ 0.14 or even lower.
Image from Unsplash, charts from TradingView
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