Dogecoin (DOGE) Price Analysis

Dogecoin (DOGE) prices have crashed by over 4% in the past month, indicating a slightly dominant bearish influence in recent weeks. Similar to the crypto market leader (Bitcoin), the prominent altcoin and memecoin has registered significant market corrections since attaining a local peak of $0.249 on May 22. However, recent revelations by top analyst Ali Martinez have shown a bullish market condition that supports a price rebound for the DOGE market.

DOGE Bulls Eye Return To $0.22

In an X post on July 5, Martinez provides some technical insights into the DOGE market highlighting an important requisite for the altcoin to rediscover its bullish form. Using the daily trading DOGEUSDT chart, the renowned analyst identifies an ascending trendline that stretches to 2023. At multiple instances of a retest, this trendline has acted as efficient support consistently rejecting further price decline.

According to Martinez’s analysis, Dogecoin is trading around this trendline which presently runs through the $0.150 price level. The analyst explains market bulls must defend this price zone which not only fuels the chances of a price rebound but essentially prevents a breakdown and complete transition to a bearish market.

Interestingly, all retests of the highlighted trendline have always produced a price bounce resulting in a parabolic rally. This event is seen in price surges of $0.059 to $0.210 (≈255% gain) between 2023-2024, and $0.095 to $0.470 (≈395%) in 2024. However, Ali Martinez presents a conservative price target, stating that defense of the $0.15 support level supports a quick bullish return to at least $0.220.

Nevertheless, in the presence of strong bullish pressure as seen in previous rallies, DOGE investors may expect a further rise to around $0.24 with potential to return to the local market peak of $0.47.

DOGE Price Overview

At the time of writing, DOGE trades at $0.164 reflecting a modest price gain of 0.91% and 0.56% on the daily and weekly charts, respectively. Meanwhile, the memecoin has recorded a 56.81% crash in its daily trading volume indicating a significant fall in market interest.

According to data from price prediction site Coincodex, general sentiment in the DOGE market is bearish. However, investors retain a healthy market demand as evidenced by a Fear & Greed Index of 67, indicating a significant amount of greed.

For the short-term, Coincodex analysts expect DOGE to maintain a price around $0.160 in the next five days while projecting a price gain to $0.193 in a month. Meanwhile, their long-term forecasts show little expected price growth in the far future as indicated by price targets of $0.197 in three months, and $0.169 in six months.

Featured image from Pexels, chart from Tradingview