Dogecoin (DOGE) is once again at a critical juncture as it battles to maintain its key support around $0.19.
After a sharp market drop earlier this week, the popular meme coin has managed to recover slightly, trading around $0.199 at the time of writing. Technical indicators suggest that this level could determine whether Dogecoin resumes its uptrend or risks a deeper correction.
According to crypto analyst Ali Martinez, the $0.19 region is “mission-critical” for Dogecoin’s next move. Martinez shared a chart showing DOGE trading within a parallel ascending channel, noting that if the token holds this support, the next target could be $0.33.
The projection reflects a potential 70% rally from current prices, contingent on Dogecoin maintaining its foothold above $0.19.
Technical Picture Remains Fragile
The daily chart shows DOGE still consolidating after its recent drop. The Relative Strength Index (RSI) sits at 39.5, suggesting that bearish momentum is easing but not yet reversed. Meanwhile, the MACD remains slightly negative, indicating that bulls are struggling to regain full control.
Despite the volatility, Dogecoin’s price action appears to be forming a base near the $0.19 support level, which has acted as both resistance and support in previous months. A decisive daily close above $0.20 could signal a rebound, while a drop below $0.18 might trigger further selling pressure.
What Comes Next
If DOGE holds its current level, analysts expect renewed buying momentum as traders position for a potential retest of the $0.25 and $0.33 resistance zones highlighted in Martinez’s chart. However, losing the $0.19 line could see the token revisiting lower ranges near $0.15, erasing months of gradual recovery.
For now, the Dogecoin community remains optimistic that the broader crypto market recovery and renewed social media buzz could reignite interest in the meme coin, especially with technicals pointing toward a potential breakout phase.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/market/dogecoins-critical-support-could-spark-70-rally-analyst-says/