Dogecoin (DOGE) has entered a consolidation phase over the past month, with its price retreating slightly this week as Bitcoin and other altcoins experienced sharp reversals. Despite this pullback, crypto analysts remain optimistic about DOGE’s long-term prospects, suggesting that the current price dip could be temporary, and the uptrend is far from over.
Can Dogecoin Reach $18? Analysts Remain Bullish
Prominent crypto analyst Ali Martinez has weighed in on Dogecoin’s future, expressing confidence that the coin remains in a strong bullish cycle. In a recent X post, Martinez pointed to the weekly chart, highlighting a regression channel that suggests the price will rise to $3 during the current bull run. This would represent a 628% rally from its current price of $0.4127. Looking further ahead, Martinez’s long-term target for DOGE is $18, signaling a potential 4,267% gain.
Other analysts, like Scofield, also remain optimistic about Dogecoin’s trajectory. Scofield pointed to a key support level on the four-hour chart, suggesting that DOGE is poised for a rebound. As Dogecoin moves closer to this support, analysts expect it to bounce back and resume its upward momentum.
Dogecoin Price Technical Outlook
Dogecoin’s technical analysis reveals it has been consolidating after reaching a multi-year high of $0.4841 in recent weeks, its highest point since May 2021. This consolidation, combined with its position above the critical 38.2% Fibonacci retracement level at $0.4565, suggests that DOGE could be preparing for another breakout.
Moreover, some analysts believe that Dogecoin is forming either a bullish flag or a bullish pennant pattern. These technical formations often precede significant price rallies, and if they hold, the next logical target for DOGE would be its all-time high of $0.7373.
Also Read: Dogecoin Price Crashes 15%: Why the DOGE Dip Could Be Just the Beginning
However, a drop below the 50% retracement level at $0.3690 could invalidate the bullish outlook. In that case, Dogecoin could fall to the psychological support level at $0.300, signaling a need for cautious monitoring.
As the consolidation phase continues, Dogecoin’s price action will be crucial in determining whether it can maintain its bullish momentum and head toward its ambitious targets. With strong analyst support and a favorable technical setup, DOGE’s future looks promising, making it one to watch in the coming weeks.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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