The Dogecoin price has experienced a significant decline amidst a broader market downturn, with an 8% drop in the past 24 hours. Despite this, Dogecoin continues to attract bullish sentiment even in the face of the overall market crash.
Cryptocurrency prices have seen a massive decline over the last day, with the global crypto market cap decreasing by just over 4%. This decline has led to over $1.75 billion in crypto positions being liquidated in the past 24 hours, according to CoinGlass data, with $1.56 billion coming from long positions.
Crypto analyst Ali Martinez has maintained his optimistic price target for Dogecoin, reiterating that the ongoing market correction presents an opportunity rather than a setback. Martinez believes that Dogecoin is still in the early stages of its bull cycle and highlighted a specific price range of $0.30 to $0.40 as a strategic buying zone.
Martinez’s analysis is supported by an uptrend channel in a Dogecoin weekly candlestick chart, showing consistent higher highs and higher lows since 2017. Recent market dynamics have seen Dogecoin’s price move upward within this channel, with a primary target of $3. Martinez suggests that if Dogecoin were to reach the middle of this channel in the current cycle, it could potentially reach a price just below $3.
Looking beyond the $3 target, Martinez hints at the possibility of Dogecoin reaching as high as $18 in the current cycle, aligning with the technical framework of Dogecoin’s established uptrend channel. At the time of writing, Dogecoin is trading at $0.408, showing signs of recovery from a recent dip to $0.388.
There is speculation that Dogecoin could soon breach $0.7316 and potentially reach $1 or $2 in the near future, as technical indicators suggest rapid movements in the price. Investors are advised to be prepared for these potential developments.
Overall, despite the recent market downturn, analysts remain optimistic about Dogecoin’s future potential and its ability to reach new all-time highs. The meme coin’s performance in the coming weeks will be crucial in determining whether it can continue on its upward trajectory.
