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The price of Dogecoin (DOGE) has been injected with bullish momentum. It has started to move to the next highs after a health correction last week. It appears that bulls are making a comeback, taking the DOGE price toward a potential breakout. Even top market analysts are now giving positive Dogecoin price predictions.
Renowned on-chain analyst Ali Martinez tweeted earlier today about a potential rally for the highly popular meme coin. He mentioned that the current scenario shows that DOGE is going to be breaking out. Martinez further mentioned that if the $0.139 support holds for the meme coin, the next target will be $0.175.
In a previous tweet, Martinez shared a similar analysis for Dogecoin. He explained that if Dogecoin successfully breaks above the $0.143 resistance level, the market could witness a massive 25% price rally, which will take the Dogecoin price to the $0.175 price level. Martinez appears to be confident about his prediction, as he has reiterated it twice.
Historic Dogecoin price breakout
The price chart shared by him also looks very interesting, yet informative. It depicts the ideal path for Dogecoin’s movement, predicting its journey toward the next high of $0.175. This level is still very low compared to Dogecoin’s all-time high (ATH) of $0.73. It was achieved on May 8, 2021, making it over three years since DOGE achieved this milestone.
However, the potential rally toward $0.175 is still crucial as the DOGE price has been consolidating around the $0.11 range for quite some time. Achieving this level will open up opportunities for the meme coin to turn it into support, and then target the next highs. This slow-yet-steady price growth can result in huge gains over time.
As of now, Dogecoin is trading at $0.1472. It has witnessed a surge of 6.14% in the last 24 hours. Notably, the trading volume has skyrocketed 111.89% and currently sits around $1.77 billion. These figures show the strong bullish sentiment on the market. Considering the prediction from Martinez, it looks like Dogecoin is now eyeing the $0.175 target.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team