Dogecoin’s Price Struggles Below $0.20, Holding $0.17 Support Crucial for a Major Rally

Dogecoin has faced challenges reclaiming the $0.20 price level, slipping below this key threshold in recent trading sessions. Despite a brief push higher, the meme coin is currently consolidating around $0.17, a critical support level. Crypto analyst Ali Martinez suggests that holding this level could pave the way for a substantial rebound. Martinez shared his insights on social media platform X, predicting that if Dogecoin maintains support at $0.17, it could set the stage for a significant rally towards $2.74.

Dogecoin’s Price Action and Key Support Level

Over the past two weeks, Dogecoin has experienced a steady decline, mirroring the broader crypto market downturn. This decline has led to the loss of multiple support levels at $0.30, $0.25, $0.22, and most recently, $0.20. Now trading below $0.20, the next crucial support level to watch is $0.17. Maintaining this level is essential to preserving Dogecoin’s long-term uptrend, which has been in place since 2017.

Martinez recently highlighted this multi-year uptrend on X, illustrating how Dogecoin has been moving within a structured range, with an upper trendline representing all-time highs and a lower trendline marking bear market lows. As current market dynamics push Dogecoin toward retesting the lower trendline, holding the $0.17 support level remains vital.

Bold Price Target of $2.74

For Dogecoin to sustain its bullish momentum, it must remain above the $0.17 support level. If this threshold holds, the broader uptrend structure remains intact, allowing for potential bullish momentum. Martinez’s analysis indicates that maintaining this level could trigger a breakout, propelling Dogecoin toward a bold price target of $2.74. This target surpasses its current all-time high of $0.7316, marking a significant potential upside.

At present, Dogecoin is trading at approximately $0.1847, reflecting a 3.15% decline over the past 24 hours. However, if DOGE fails to sustain support at $0.17, it could face further downside, with possible retracements to $0.14 or lower.

While reaching $2.74 may seem ambitious given current market conditions, the projected target aligns with the middle trendline of Dogecoin’s multi-year uptrend range. Moreover, the upper boundary of this formation suggests an even more optimistic long-term outlook, with the potential for Dogecoin to surpass $14.

As the market continues to evolve, all eyes remain on Dogecoin’s ability to hold its crucial support level. If it does, a major rally could be on the horizon, reinforcing the meme coin’s long-term bullish trend.