Dogecoin (DOGE) continues to show resilience, maintaining support above the upper boundary of a long-term ascending channel.
Analyst Ali Martinez highlighted this key technical development in a tweet today. He suggested that if DOGE sustains this level, it could pave the way for a rally toward $4.
Dogecoin Current Price Action
As of today, DOGE is trading at $0.2665, up 5.5% in the last 24 hours. The latest uptrend has improved Dogecoin’s weekly trajectory from the red, now showing a 2% gain. However, it remains down by a significant 21% on the monthly timeframe.
The graph accompanying Martinez’s tweet reveals that DOGE has remained above a crucial ascending trendline, reinforcing bullish sentiment. The meme coin previously tested lower Fibonacci support levels near $0.19183 (0.786 retracement) and rebounded strongly, signaling continued buyer interest.
Technical Outlook: The Road to $4
Fibonacci extensions suggest that if DOGE continues its upward trajectory, it could first aim for key resistance levels, starting with the 1.00 level. This coincides with $0.73905. Overcoming this level is significant for Dogecoin, as it marked its all-time high during the previous bull market.
Defeating this stubborn resistance could open the door to a further rally to the next significant Fibonacci level at 1.272, with a target price of $4.10.
Notably, with Dogecoin trading at $0.2665, reaching $4.10 would mean a 15X gain or a price appreciation of 1,438%.
Road to Higher Thresholds for DOGE
Interestingly, further bullish momentum could push the price toward $10.04 and $36.32, according to long-term projections on Martinez’s chart.
These ambitious price targets would imply several trillion dollars in market cap. Analysts like Martinez have often overlooked the market cap implications of double-digit price ranges for Dogecoin.
While critics view these aspirations as far-fetched, these bold predictions persist in the crypto community.
Although the double-digit price run remains speculative, DOGE has historically surprised the market with explosive price movements. Such movements are often fueled by retail enthusiasm and social media hype, including from Elon Musk.
Market participants saw a glimpse of this in the last quarter of 2024. While DOGE’s price has dipped by over 58% from the peak it reached then, market participants are eagerly awaiting the next explosive move.
For DOGE to sustain its bullish outlook, Martinez’s chart suggests it must hold above the $0.19–$0.25 range and establish strength near resistance zones.
At press time, Dogecoin is trading above this level as the broader crypto market regains momentum after previous bearish fears. Accordingly, DOGE is preparing to be one of the top performers.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
