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- Analyst Ali Martinez is optimistic about Dogecoin’s future, forecasting a rise to $1.50 in the next four weeks and setting a longer-term target of $3.
- Whale activity has been notable, with 210 million DOGE purchased during the recent price correction.
Last week, Dogecoin price surged all the way to $0.50 before retracing back amid the broader altcoin market pullback. DOGE has been an active participant in the meme coin rally this year, with more than 100% gains in the last two months and over 331% gains since the beginning of the year.
While the Dogecoin price has been flirting around $0.40 levels for the past few weeks, it hasn’t stopped investors from making bold predictions all the way to $10.
Dogecoin Price Will Rally to $10 in Next Four Weeks
For a long time, the Dogecoin price has been eyeing a rally to $1, which has served as a psychological barrier to the meme coin. However, one expert suggests that the cryptocurrency is on track to reach $1.50 within the next four weeks, with a potential rise to $10 by 2025.
Dogecoin is currently the seventh-largest cryptocurrency by market capitalization, valued at $61 billion, well behind BNB and Solana, both of which have over $100 billion valuation. However, in terms of daily trading volume, Dogecoin significantly outperforms BNB, with $6 billion in 24-hour volume, surpassing even Solana.
Crypto analyst Ali Martinez has expressed strong optimism about Dogecoin (DOGE), stating that the current phase in the coin’s bull cycle remains early. The analyst also emphasized that he plans to buy more DOGE between $0.40 and $0.30. Martinez set a target price of $3 for Dogecoin while suggesting that an even more extreme scenario could push the price as high as $18, per the CNF report.
The analyst also highlighted significant whale activity, revealing that Dogecoin whales purchased 210 million DOGE during the recent price correction.
DOGE Price Technical Analysis
Dogecoin’s recent focus has been on its December peak, where it reached $0.4846, the highest point in over three years. However, technical analysis shows that while the price had been moving within an upward regression channel, a decline on Tuesday caused it to fall below this channel.
This break below the lower boundary indicates a polarity shift and could signal a short-term correction. The $0.35 region is expected to provide strong support, offering a potential buying opportunity at lower prices. This level is particularly significant as it aligns closely with the 50% Fibonacci retracement from October’s low of $0.10, similar to the $0.30 level. Furthermore, as per the CNF report, DOGE’s overbought conditions have calmed down, suggesting a rally ahead.
Currently, key resistance levels are the local maximum at $0.48 and the psychological $0.50 mark. A break above these levels could open the path to the previous all-time high of $0.70
