Dogecoin Price Eyes Explosive Rally To $2.74 If Support Holds At $0.17

Dogecoin’s price has struggled to reclaim the $0.20 level, with the meme coin slipping below this key threshold in recent trading sessions. After a brief attempt to push higher, Dogecoin has found itself consolidating close to $0.17, which is an important support level. According to crypto analyst Ali Martinez, holding this level could be the foundation for a major rebound. Martinez shared his analysis on social media platform X, predicting that if Dogecoin maintains support at $0.17, it could contribute to a strong rally toward $2.74.

Dogecoin Price Needs To Hold Above Support At $0.17

Dogecoin’s price action in the past two weeks has been highlighted by a steady decline alongside the rest of the crypto market. This steady Dogecoin price decline has seen it lose multiple 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 keep an eye on is $0.17, which could determine whether its long-standing multi-year uptrend remains intact or faces a breakdown.

This multi-year uptrend, which has been in place since 2017, was recently highlighted in a technical analysis on social media platform X by Martinez. As shown in the Dogecoin price chart below, the meme coin has been trading within an upper trendline of all-time highs and a lower trendline of bear market lows. The resulting uptrend range is divided into an upper and lower end by a middle trendline.

As it stands, recent market dynamics and decline has seen Dogecoin on the path to retesting the lower trendline of this multi-year uptrend. Current market conditions place this lower trendline around $0.17.

Image From X: ali_charts

Bold Price Target Of $2.74

The most optimal condition for a bullish trend would be for Dogecoin bulls to maintain trading above $0.17. As long as the meme coin holds above this threshold, the broader uptrend structure remains intact, and there’s enough possibility for a strong upward trend.

Martinez’s analysis suggests that if Dogecoin maintains support at $0.17, it could experience a major breakout at any time, pushing it to new all-time highs. Remarkably, the analyst suggested Dogecoin would be free to move towards a target at $2.74, which would put it above its current all-time high of $0.7316.

Although this might sound bold given the current market conditions, this target is at the middle trendline dividing the uptrend range into equal halves. Meanwhile, the upper boundary of this multi-year formation suggests an even more optimistic scenario with a possible long-term target above $14.

At the time of writing, Dogecoin is trading at $0.1847, having declined by 3.15% in the past 24 hours. If DOGE fails to hold $0.17, it could face a further downside with possible retracements to $0.14 or even lower. 

Featured image from Unsplash, chart from TradingView