Dogecoin (DOGE) May Be Poised for a Massive Price Upswing, Targeting Its All-Time High of $0.74

As Monday drew to a close, the general crypto market witnessed a slight retracement in bullish momentum, causing Dogecoin's price to drop briefly to the $0.174 support level. Despite the short pullback, optimism remains within the sector toward DOGE's future performance, with several crypto analysts predicting massive price upswings in the short term.

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As Monday drew to a close, the general crypto market witnessed a slight retracement in bullish momentum, causing Dogecoin's price to drop briefly to the $0.174 support level.

However, despite the short pullback, optimism remains within the sector toward DOGE's future performance, with several crypto analysts predicting massive price upswings in the short term.

Dogecoin Needs To Reclaim Key Level To Fuel Huge Rally

Dogecoin may have seen some brief retracement but overall, the dog-themed meme coin is expected to see more significant gains ahead. However, to do so, DOGE must overcome a key resistance level to fuel this anticipated rally.

In his recent analysis shared on X, Ali Martinez, a seasoned technical and on-chain expert, has predicted a potential rally for Dogecoin to its all-time high of $0.74. While the analyst foresees a significant upswing in price, he has highlighted a crucial aspect in the journey back to the peak.

As the upward trend continues, Martinez has identified the $0.20 mark as the next key zone in DOGE's path to reclaiming its all-time high. If the meme coin can secure a monthly close above the $0.20 resistance, it might set the stage for the anticipated rally to $0.74, positioned at the 1.0 Fibonacci level.

Furthermore, a break above this level would indicate robust bullish momentum and potentially attract the interest of more investors. Such a rise in investors' interest is likely to play a crucial role in the impending price surge.

However, if DOGE fails to break above the zone and retrace, the ongoing uptrend could be at risk of a sharp decline. In the event of a sharp pullback, the next crucial support level lies at the $0.065 price mark.

DOGE Forms A Low At The 0.382 Macro Fibonacci Level

Diving into current price action, Kevin Capital, a crypto analyst and trader, noted that Dogecoin has formed what appears to be a low at the precise level observed for the past few months at the macro 0.382 Fibonacci level and the macro downtrending lines.

The expert also highlighted that the weekly Relative Strength Index (RSI) reached the precise level where it has been dipping since the bear market's lowest point. However, each time the price reaches that level, prices tend to grow higher, suggesting greater long-term strength in the asset.

The crypto analyst added that DOGE is also experiencing a confirmed Stoch RSI cross on the weekly time frame, whereas a confirmed cross on the 2-week time frame is still pending. Its risk-reward ratio was outstanding because there was little downside and a huge gain. While the analyst sees a potential pullback, the overall trend is still trying to change.

News data source: kdj.com

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