Analyst Says Dogecoin at Strong Support with Targets Up to $7
Market analyst Ali Martinezs chart shows Dogecoin testing key support in a long-term channel, with three potential rebound targets.Dogecoin (DOGE) has joined other top-cap crypto assets in a notable market downturn, slipping well below the $0.40 level seen in January. As of today, Dogecoin trades at $0.1645, recording a -4.04% drop over the last 24 hours and a -6.23% decline in the past week. The memecoins downward trend has been consistent, mirroring broader market behavior, but some analysts are now highlighting major technical indicators that suggest a shift in momentum may be approaching.Dogecoin Long-Term Channel StructureOne of these observations centers on Dogecoins behavior within a long-term ascending channel visible on a logarithmic weekly price chart dating back to 2014. Ali Martinezs chart features three critical trendlinesbottom, mid, and topforming a structured channel that DOGE has historically respected. https://twitter.com/ali_charts/status/1906391471202390493Notably, Dogecoin is currently at the lower boundary of this channel. The analyst observes that this level has acted as strong dynamic support in past cycles, typically leading to a bounce in price. A spike in demand here could fuel a rally toward the mid or upper range, Martinez suggested.From a Fibonacci retracement standpoint, a rebound from the current range may push the price past $0.45 in the short term. Beyond that, the midline target lies above $2.4, while the upper resistance aligns with the $7 mark, which corresponds to the 1.414 Fibonacci extension level. Potential Year-Four Rally For DOGEMeanwhile, another analyst has drawn attention to Dogecoins cyclical price behavior, particularly in the fourth year of previous market cycles. By aligning historical monthly charts from 2017 and 2021 with the current cycle, the analyst marks a phase near the end of a defined range, represented by adjusted green and red lines. In both earlier cycles, Dogecoin exhibited notable upward movement after entering this range.
Text source: The Crypto Basic
