Analyst Eyes $4 on Bullish Chart

• Dogecoin (DOGE) could skyrocket to the $4 price level, pointed out analyst Ali Martinez.
• Martinez showed on the weekly DOGE chart that the meme coin remains within a rising channel.
• DOGE found support at $0.19183 while the $0.50-$0.74 price level stands as resistance.

Dogecoin (DOGE) seems to have rediscovered its momentum despite a downbeat market, climbing more than 4% in the last day. The altcoin, ranked sixth overall with a value of $38.65 billion, demonstrated resilience and is currently trading around $0.25275-$0.26084. 

However, as pointed out by crypto analyst Ali Martinez in a post on X (formerly Twitter), the altcoin could shoot up to the $4 price tag in the not-too-distant future. Martinez used a weekly DOGE chart with Fibonacci retracement and trend channels to make his hopeful prediction. He pointed out that the meme coin stays within a rising channel, showing a long-term positive structure.

Fibonacci Levels Suggest Bullish Momentum 

What’s interesting is that, according to the chart above, the 0.786 Fibonacci retracement level ($0.19183) acted as firm support, with a bounce seen at this region.

Related: Dogecoin’s Road to $1: Can AI and Institutional Confidence Fuel Its Rise?

Also, strong resistance is expected near $0.50-$0.74, which matches up with the 1.272 Fib level ($4.10 in extreme uptrend cases). A breakout above this level could signal new all-time highs for the Dogecoin token. 

Dogecoin Chart Analysis

The Relative Strength Index (RSI) using the daily Dogecoin chart below shows a value of 36.75 which says the altcoin is mostly going down. Even so, the gradient of the line points to a rebound before the cryptocurrency becomes oversold. 

The MACD indicator stays negative with the MACD line (blue) still below the signal line (red). Nevertheless, the two lines are getting closer and the MACD histogram’s intensity is also dropping, hinting that the bulls are increasingly buying when prices dip.

Key Price Levels to Watch

It is important to note that if DOGE holds support above $0.19 – $0.25, investors could see a push toward $0.30-$0.35 in the coming weeks. 

Related: Dogecoin Whales Load Up: 100M Tokens Bought, $0.60 Target in Sight

On the other hand, failure to hold these levels may cause a retest of $0.13-$0.19 before the next move upwards. Furthermore, a break above $0.30 could verify positive momentum, targeting $0.50+ levels in the short to medium term. However, a drop below $0.19 might mean bigger corrections.