Dogecoin price has witnessed a notable drop amid this broader bloodbath as it is currently down 8% in 24 hours. However, Dogecoin continues to attract bullish sentiment despite the market decline.
Cryptocurrency prices have declined massively over the past 24 hours, with the global crypto market cap declining by just over 4% in the past day. Notably, this decline has led to over $1.75 billion in crypto positions. settled in the last 24 hours, according CoinGlass data, of which 1,560 million dollars correspond to long positions.
Analyst Says Dogecoin Price Target Still Remains at $3
Despite the recent correction, crypto analyst Ali Martínez has reaffirmed his ambitious price target for Dogecoin. sharing your ideas on the X platform. According to Martínez, the ongoing market correction presents an opportunity rather than a setback, and Dogecoin is still in the early stages of its bull cycle.
Martínez highlighted his long-term optimism for Dogecoinhighlighting a specific price range as a strategic purchasing area. His outlook emphasizes that despite the current “crypto market bloodbath,” Dogecoin’s fundamentals and growth potential remain intact. Taking this into account, Martínez’s suggested accumulation range is between $0.30 and $0.40. These are levels that appear favorable for those looking to capitalize on Dogecoin’s trajectory.
This accumulation range is highlighted by an uptrend channel via a Dogecoin weekly candlestick chart that accompanied its prediction. According to the price chart, Dogecoin price has been trading in an uptrend channel since 2017, which has seen a consistent pattern of higher highs and higher lows.
Recent market dynamics over the past few months have seen Dogecoin price embark on an upward move in the uptrend channel. As things stand, the main target is $3, which is important in the uptrend channel. This is largely because if the price of Dogecoin were to reach the middle of this channel this cycle, it would result in a price range just below $3.
The bigger picture
Martínez’s analysis extends beyond the $3 target, hinting at even greater possibilities in the event of an extraordinary rally. While $3 remains the immediate target, he suggested that Dogecoin price could reach $18 in the current cycle. This higher target aligns with the technical framework of Dogecoin’s established uptrend channel, where $18 corresponds to the upper boundary of the channel.
At the time of writing, Dogecoin is trading at $0.408, reflecting a slight recovery from a recent drop to $0.388 on the last trading day. If Dogecoin manages to maintain its position within this ascending channel and break through key resistance levels, we could see the meme coin reach new all-time highs very soon.
Speaking of a fast new all-time high, the general consensus is that Dogecoin is still on track to break above $0.7316 very soon. Crypto Analyst Cantonese Cat He warned investors to be prepared. for quick moves as technical indicators suggest Dogecoin price could reach $1 or $2 sooner than expected.
Featured image created with Dall.E, chart from Tradingview.com
