dogecoin (DOGE) is one of the most followed altcoins in the world of digital currencies, and its current status positions it among the cryptocurrencies with the highest upside potential. At the time of writing, Dogecoin is trading at $0.1705, gaining 12.55% in the last 24 hours.
Dogecoin may be poised to retest $0.2, its highest price level in over a month, according to top market analyst Ali Martinez. To support this view, Martinez shared a chart showing DOGE’s exit from the Descending Triangle formation. Following this breakout, along with several confirmations, the cryptocurrency experienced a significant pullback in the overall market.
With the recent correction, a price trend or reversal is likely for DOGE to retest the $0.2 resistance level. While Martinez did not fully confirm a recovery, he noted that history does not always repeat itself, but it often rhymes.
meme coin The $0.2 price level is seen as one of the most difficult resistance points to overcome. Short-term selling pressure began to build in this price range, triggering a decline in the market that has continued for more than four weeks. However, overall market sentiment is bullish at the moment and Dogecoin can continue to grow by taking advantage of this positive trend.
Meme coin needs to rise another 17% from its current level to reach the $0.2 price level. Looking at the transaction activity of whales, it seems possible to reach this milestone in the short term as the supply squeeze gradually emerges.
potential this week spot Ethereum ETF The sentiment surrounding its approval is likely to push the price of Dogecoin, as well as other meme coins, to a new high. Beyond the short-term target of $0.2, the coin’s long-term target is set at $1.
