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

Source Bitcoinist

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

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
BNB Price Rebounds as Traders React to CZ’s Pardon — But One Roadblock RemainsBNB is up 4.4% in the past 24 hours, standing out as the only top-10 coin to post positive 30-day gains (+11%). The move follows Trump’s pardon of former Binance CEO Changpeng “CZ” Zhao.
Author  Beincrypto
Oct 24, Fri
BNB is up 4.4% in the past 24 hours, standing out as the only top-10 coin to post positive 30-day gains (+11%). The move follows Trump’s pardon of former Binance CEO Changpeng “CZ” Zhao.
placeholder
WTI Oil steadies above $61.00 as concerns about oversupply easeCrude prices’ pullback from two-week highs at $62.00 witnessed on Thursday remains contained above $61.00 so far, with the commodity on track to its sharpest weekly rally in four months.
Author  FXStreet
Oct 24, Fri
Crude prices’ pullback from two-week highs at $62.00 witnessed on Thursday remains contained above $61.00 so far, with the commodity on track to its sharpest weekly rally in four months.
placeholder
Gold declines as traders brace for trade talks, US CPI inflation dataGold price (XAU/USD) edges lower below $4,150 during the Asian trading hours on Friday, pressured by the rebound in the US Dollar (USD).
Author  FXStreet
Oct 24, Fri
Gold price (XAU/USD) edges lower below $4,150 during the Asian trading hours on Friday, pressured by the rebound in the US Dollar (USD).
placeholder
US CPI headline inflation set to rise 3.1% YoY in SeptemberThe United States (US) Bureau of Labor Statistics (BLS) will publish the all-important Consumer Price Index (CPI) data for September on Friday at 12:30 GMT.
Author  FXStreet
Oct 24, Fri
The United States (US) Bureau of Labor Statistics (BLS) will publish the all-important Consumer Price Index (CPI) data for September on Friday at 12:30 GMT.
placeholder
WTI falls to near $61.00, downside appears limited due supply concernsWest Texas Intermediate (WTI) Oil price depreciates after three days of gains, trading around $61.00 per barrel during the Asian hours on Friday.
Author  FXStreet
Oct 24, Fri
West Texas Intermediate (WTI) Oil price depreciates after three days of gains, trading around $61.00 per barrel during the Asian hours on Friday.
goTop
quote