As Monday drew to a close, the general crypto market witnessed a slight retracement in bullish momentum, causing Dogecoin‘s price to drop briefly to the $0.174 support level. Despite the short pullback, optimism remains within the sector toward DOGE’s future performance, with several crypto analysts predicting massive price upswings in the short term.
A Key Level Dogecoin Must Reclaim To Push Higher
Dogecoin may have experienced a brief retrace, but the overall picture paints a more significant upward performance ahead for the dog-themed meme coin. However, DOGE must overcome key resistance levels to fuel this anticipated huge rally.
In his recent analysis shared on the X platform, Ali Martinez, a seasoned technical and on-chain expert, has predicted a potential rally for Dogecoin to its current all-time high of $0.74. While the analyst foresees a significant upswing in price, he has underlined a crucial aspect in the journey back to the peak.
Looking at his chart, the meme coin is trading within a rising parallel channel. Also, DOGE now faces a critical test at a key price level that could determine whether the current rally has enough strength to continue. Interestingly, this zone has previously served as a springboard to prior spikes, as seen in late 2024 and Q1 of 2025.
As the upward trend continues, Ali Martinez has pointed out the $0.20 mark as the next key zone in DOGE’s path to reclaiming its all-time high. If the meme coin can clinch a monthly close over the $0.20 resistance, the expert believes it might set the stage for the anticipated rally to $0.74, positioned at the 1.0 Fibonacci level.
Furthermore, a break above this level would indicate robust bullish momentum and potentially attract the interest of more investors. Such a rise in investors’ interest is likely to play a crucial role in the impending price upsurge.
However, if DOGE fails to break above the zone and retrace, the ongoing uptrend could be at risk of a sharp decline. In the event of a sharp pullback, the next crucial support level lies at the $0.065 price mark.
DOGE Forms A Low At The 0.382 Macro Fibonacci Level
Delving into current price action, Kevin Capital, a crypto analyst and trader, revealed that Dogecoin has created what appears to be a low at the precise level observed for the past few months at the macro 0.382 Fibonacci level and the macro downtrending lines.
The expert also highlighted that the weekly Relative Strength Index (RSI) reached the precise level where it has been dipping since the bear market’s lowest point. However, each time the price reaches that level, prices tend to grow higher, suggesting greater long-term strength in the asset.
DOGE is experiencing a confirmed Stoch RSI cross on the weekly time frame, whereas a confirmed cross on the 2-week time frame is still pending. Its risk-reward ratio was outstanding because there was little downside and a huge gain. While the analyst points to a potential pullback, the overall trend is still trying to change.
from Bitcoinist.com https://ift.tt/qEzi98Q
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