Over the last week, Dogecoin has traded as one of the worst-performing cryptocurrencies among the top 10 cryptocurrencies by market capitalization. This has seen it record massive daily price declines amid the broader crypto market bloodbath.
However, the leading meme asset appears to be restoring hopes for investors as it is finally showing signs of a possible bullish breakout, according to recent data shared by popular crypto analyst Ali Martinez.
The analyst has shared a chart showing that Dogecoin is about to make a huge reversal, flipping in favor of bulls after hovering around the $0.18 mark for quite too long.
Dogecoin eyes $0.29, $0.45 and $0.86
After facing deep price corrections for several days, with its price constantly in the red zone, Dogecoin has suddenly seen a shift in market sentiment and its price appears to be staging a recovery from current levels.
Technical analysis shared by Ali suggests Dogecoin is setting a potential price target at $0.29, $0.45. It is also eyeing $0.86 on the chance of a sustainable price rally.
The chart shows DOGE is about to bounce from a crucial support zone that has always aided its resurgence since 2023. Notably, the level represents a lower boundary of a multi-month, which could push its price to $2.1, which stands as its immediate resistance level.
What's next for DOGE?
The chart suggests that Dogecoin could hit $0.29 in no time and break above the level if it is able to successfully reclaim resistance at $2.1, while also opening room for a stronger rally.
On the other hand, Dogecoin still stands a chance of facing a further and deeper consolidation if it fails to hold momentum and retain its current support level.
With the broad crypto market already experiencing a general rebound amid shifting sentiment, coupled with the expectations of a DOGE ETF, Dogecoin stands a good chance of building strong momentum, which could push its price to hit $0.45 and possibly its ultimate target of $0.86.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team