According to U.Today, Dogecoin (DOGE), a highly observed altcoin in the digital currency ecosystem, is poised for a potential bullish breakout. Currently, Dogecoin is valued at $0.1705, having gained 12.55% in the last 24 hours. Top market analyst Ali Martinez suggests that Dogecoin may be on the verge of retesting its highest price level of $0.2 in over a month. This prediction is based on DOGE's breakout from a Descending Triangle pattern, as shown in a chart shared by Martinez. Despite several confirmations following this breakout, the coin has experienced a significant retracement across the board.
With the recent correction, a price trend reversal is likely, which could set the stage for DOGE to retest the resistance level at $0.2. Martinez does not fully confirm a rebound, but he notes that history often rhymes, if not repeats. For Dogecoin, the $0.2 price mark represents a challenging resistance to overcome. Short-term selling pressure tends to accumulate around this price range, triggering a drawdown that the market has been unable to escape for over four weeks.
The current market sentiment is bullish, and Dogecoin may leverage this to maintain its growth. To reach the $0.2 price mark, the meme coin would need to increase by an additional 17% from its current level. Given the surge in whale transactions, achieving this milestone in the short term appears feasible as a supply crunch is slowly emerging. The anticipation surrounding the potential approval of a spot Ethereum ETF this week could also boost Dogecoin's price, along with other meme coins. Beyond the short-term target of $0.2, the coin's long-term target is set at $1.
