Will Doge reach $0.42? Analysts predict
Dogecoin is shining again. The value of this popular coin has risen by more than 17% in one day, outperforming other major meme coins like PUNK, PEEP, and FLOKI. Dogecoin is currently trading below $0.25, and interest in it is spreading rapidly.
While the entire cryptocurrency market is experiencing a strong rise, it seems that Dogecoin is establishing its own upward foundation. According to renowned analyst Ali Martinez, the next move might be
The largest.
Ali Martinez discovers the double bottom
In a recent post on X, Martinez shared a clear technical chart showing a double bottom forming on the daily chart of DOGE. This classic reversal pattern is known to indicate a shift from a downtrend to an uptrend, often followed by a strong breakout.
Here's what he said:
"It seems that Dogecoin $DOGE is currently forming a double bottom pattern, targeting the $0.42 level!"
The pattern shows two major bottoms - one in late April and the other in mid-June - forming the characteristic 'W' shape of the pattern. The neck line, located at around $0.25, represents a key resistance level. DOGE is currently testing this area, and if the price closes above it with high trading volume, a rapid bullish breakout may occur.
What will happen next?
If the breakout is confirmed, the chart shared by Ali would indicate a potential path to $0.42, representing a gain of over 70% from current levels.
This prediction appears technically sound. The distance from the bottom of the 'W' pattern (around $0.13) to the neck line (around $0.25) is about $0.12. Adding the breakout point, the target price reaches between $0.37 and $0.42 - exactly as identified by the analyst.
Martinez's chart also suggests a ladder pattern to reach targets - i.e., a gradual and healthy rise rather than a sharp increase followed by a decline.
Is it too late to join?
Not necessarily, but traders should exercise caution. The $0.25 area represents a key resistance level, and DOGE needs to close strongly above it before confirming a breakout. If it gets rejected, a short-term correction may occur.
Nevertheless, the backdrop looks very strong. Trading volume is increasing, and market sentiment towards Dogecoin is turning bullish again, and if altcoins continue to rise in general, Dogecoin could maintain this momentum until it reaches its target. #Write2Earn $DOGE
