Dogecoin Shows Signs of a Rebound

Crypto investors have faced challenges recently, and Dogecoin (DOGE) holders are no exception. The memecoin has plummeted over 70% from a local high of $0.48434 to a low of $0.14280. However, it may be indicating a rebound, as noted by leading analyst Ali Martinez.

Dogecoin on Recovery Path

According to Martinez, Dogecoin is on a recovery path. He shared this insight via an X post on March 11, noting that the asset sharply rebounded from recent lows, trading at $0.16944. He also mentioned that the memecoin showed a TD Sequential buy signal on the daily candlestick chart. The TD Sequential is an indicator that helps traders identify possible price reversals based on prior candle closes.

The recent price bounce and TD Sequential buy signal have emerged as the memecoin has maintained a crucial support level at $0.16, as emphasized by Martinez. This support level coincides with the floor of a long-persistent ascending channel and the 0.786 Fibonacci retracement area on the weekly candle chart.

DOGE to $2?

On March 10, Martinez suggested that DOGE could initiate a rally towards a new all-time high of $2, aligning with the midpoint of the ascending channel. “All eyes on #Dogecoin $DOGE! If it holds this level at $0.16 and bounces, a move to $2 could be next!” he remarked.

The potential for this surge may have been bolstered by eased geopolitical tensions that have affected risk assets. For instance, Ukraine has agreed to a U.S. ceasefire in its conflict with Russia, and Canada has delayed retaliatory tariffs on the U.S., reducing trade war anxieties.