Analyst Ali Martinez sees a buying opportunity for Dogecoin, suggesting it could rebound over 66% after testing a long-term support trendline that has held since October 2024.
Notably, after dipping toward $0.165 on May 6, Dogecoin reversed course, climbing near the $0.18 resistance by May 8. This movement reflects a short-term recovery as it posted a 4.76% gain over 24 hours and 3.01% across seven days.
Although price action hints at renewed buying interest, analysts remain divided on the path ahead, citing both structural support patterns and momentum indicators to frame the ongoing market scenario.
Long-Term Trendline Signals Sustained Support
On the weekly timeframe, crypto analyst Ali Martinez highlights a consistent ascending trendline that has supported Dogecoin since October 2024.
This trendline has supported #Dogecoin $DOGE since October 2024. A dip to $0.14 could present a buying opportunity ahead of a potential rebound to $0.30.
Join me in this trade by signing up to @coinexcom using my referral link https://t.co/73n8mW9Y5p pic.twitter.com/lD9kr4BJOL
— Ali (@ali_charts) May 7, 2025
This line, originating from October 2024 when DOGE traded below $0.06, has cushioned every major pullback since, including one near $0.09 after a breakout above $0.21.
This year, the support trendline is being tested again as the price has been dropping towards it.
Notably, Martinez’s chart projects a hypothetical dip to $0.14, which would retest the support at the trendline. Such a move could act as a buying opportunity, as the analyst predicts a possible rebound with a price target of $0.30. From current levels, Dogecoin would need to rise 66% to reach this projection.
Breakout from Falling Wedge Adds to Bullish Setup
Adding to the broader narrative, another analyst Javon Marks has identified a falling wedge pattern stretching from the $0.50 peak in late 2024 to a narrowing base between $0.14 and $0.16. Dogecoin has recently broken above the wedge’s upper boundary, typically a bullish signal.
A curved arrow on the chart outlines a projected parabolic movement toward $0.30, with a longer-term technical target positioned at $0.65. This would imply a 261% increase from the current price level.
Supporting this breakout, the relative strength index (RSI) shows a bullish divergence. Between February and April 2025, while price action formed lower lows, the RSI made higher lows. This divergence often points to weakening downward momentum and aligns with the wedge breakout narrative, suggesting potential upward continuation.
Medium-Term Weakness Still Flags Caution
Meanwhile, analyst Farid Saremi presents a contrasting perspective based on a 3-hour DOGE/USDT chart.
He highlights equilibrium zones anchored at resistance levels from December 2024 and January 2025—when Dogecoin peaked just under $0.50 and later at $0.43. The current price has slipped below the $0.18–$0.21 consolidation range, which now serves as the main equilibrium band.
Following this breakdown, Saremi identifies intermediate support at $0.10894, linked to January 2025 consolidation, and a deeper target near $0.07478, based on price behavior from October–November 2024.
According to his analysis, the loss of balance in the consolidation zone suggests weakened buyer strength. He notes that while timing may vary due to external influences, the projected levels remain valid reference points for potential price movement.
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.
