One of the most closely watched cryptocurrencies in the world of digital currencies is Dogecoin (DOGE), which is among the most likely to have a positive breakout based on its present outlook. As of this writing, Dogecoin has gained 12.55% in value over the last day to trade at $0.1705.
Leading market analyst Ali Martinez suggests that Dogecoin may be heading back towards its $0.2 peak, which it last touched more than a month ago. Martinez provided a chart that illustrates DOGE’s breakout from a Descending Triangle pattern in order to bolster this claim. Following this breakout and many confirmations, there has been a substantial overall pullback of the currency.
Given the most recent decline, a trend or reversal in price is probably in order, paving the way for DOGE to go back and test the resistance level at $0.2. Martinez stated that while history does not always repeat itself, it frequently rhymes, so he is not totally ruling out a recovery.
One of the hardest barriers to overcome for Dogecoin is the $0.2 pricing point. Around this price level, short-term selling pressure starts to intensify, causing a slump that the market has been unable to escape for more than four weeks.
https://x.com/ali_charts/status/1792893423541772455
Right now, there is an optimistic mood in the market, and Dogecoin can ride this wave to continue growing as it is. The meme coin would need to increase in value by a another 17% in order to reach the $0.2 price point. Based on the surge in whale transactions, it is possible to reach this milestone in the near future as a shortage of supply is easing.
The excitement around this week’s possible approval of a spot Ethereum ETF is also expected to propel the price of Dogecoin and other meme currencies to all-time highs. The coin’s long-term aim is set at $1, with a short-term target of $0.2.
