The DOGE price is down around 4.5% this week, now trading slightly below $0.20. Price action has been sluggish for the past couple of weeks, but is there any altcoin that’s performed differently, really?
Ali Martinez has been vocal about Dogecoin for the past few months and he just updated his Dogecoin price forecast.
Looking at Martinez’s chart, Dogecoin has been following a long-term upward-sloping channel pattern for quite some time. The price has consistently respected this channel, bouncing off the lower boundary multiple times and reaching the upper boundary during strong bull runs.
As of March 8, 2025, DOGE is trading at $0.19384, down nearly 19% from recent highs. What’s interesting is that DOGE recently touched the lower boundary of this ascending channel at around $0.17 and appears to be bouncing upwards. Martinez suggests this support level could be the foundation for a potential rally ahead.
The chart identifies several key support and resistance levels. The $0.17 mark represents the lower boundary of the channel, which has historically provided strong support for Dogecoin. If this level fails to hold, the next significant support would be around $0.06-$0.07, which aligns with the 0.618 Fibonacci retracement level.
If #Dogecoin $DOGE maintains support at the channel's lower boundary at $0.17, it could trigger a strong rebound toward $2.74! pic.twitter.com/nCVKc4Ix6p
— Ali (@ali_charts) March 8, 2025
Potential DOGE Price Targets Based on Fibonacci Levels
On the resistance side, DOGE would likely encounter obstacles in the mid-channel region between $0.40-$0.57, where the price has previously struggled. However, Martinez’s more ambitious target sits at $2.74, which corresponds to the Fibonacci 1.272 extension level.
The analysis also points to even more bullish Fibonacci targets at $4.24 and $20.32, representing the 1.414 and 1.618 extension levels respectively. Though these latter figures would represent extraordinary growth from current prices.
Essentially, Dogecoin is at a critical juncture. If it maintains support at $0.17, we could see a rally toward $0.40-$0.57 first, then potentially toward $2.74 if a full bull run materializes. However, if DOGE breaks below $0.17, it might trigger a deeper correction to the $0.06-$0.07 range.
The good news for DOGE holders is that the long-term uptrend remains intact as long as the lower channel boundary holds. The market will be watching closely to see which scenario unfolds in the coming weeks.
Read also: XRP Price Forecast: How Ripple’s $125M SEC Fine Could Impact the Market
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