There is new optimism in the Dogecoin community.
), and this could push the pair to a sharp rise up to $0.24, an increase of about 50% from today's prices. In a new post, Ali Martinez, a renowned chart expert in cryptocurrencies, explained the situation, confirming that DOGE needs to stay above $0.16 to achieve an upward trend.
DOGE is currently trading at around $0.172, recovering from weeks of sideways volatility. The chart shared by Ali shows a long-term upward trend line dating back to late 2023, which has continued to be respected.
Moreover, the Fibonacci retracement level shows that the $0.24 level aligns with a key area between the 0.5 and 0.618 levels. These ranges are historically critical for price interactions.
Dogecoin's stability above $0.16 enhances the likelihood of it rising towards $0.24!
The current situation seems poised to rise above the immediate ascending support level and between two key liquidity levels. The price has already bounced from the $0.14-$0.15 range several times over the past few months, indicating buying interest.
With price pressure on the diagonal trend line and returning to its previous local highs, momentum seems to be swinging in favor of the bulls.
The market is still in its early stages, but this situation gives traders a technical roadmap: hold the price at $0.16, reach $0.18, then head towards $0.24. As the altcoin market is performing well currently, the price may benefit from some trading flows, especially if meme coins see a rise in interest.
But there is no guarantee that the rise will continue. If the price of DOGE falls below $0.16 with increased trading volume, the bullish outlook is likely to weaken quickly. For now, the chart makes it clear: hold your position, you may witness a significant rise.