Prominent market analyst Ali Martinez has highlighted that Dogecoin could possibly rebound from recent lows, sharing possible targets.
Martinez shared this insight in his Thursday commentary, even as prices show signs of life. The largest meme coin by market cap has risen slightly over the past 24 hours, mirroring Bitcoin’s rebound to near $110,000.
Today’s recovery contrasts with price action in the last two days, when DOGE declined by 3% and 2.467%, respectively. Nonetheless, the token remains down by 2.7% and 19.3% over the past seven days and one month.
Dogecoin Eyes Rebound
Meanwhile, Martinez noted that the predominant bearish momentum for Dogecoin could be nearing its exhaustion. He emphasized that this could happen as DOGE nears the bottom of a parallel channel on the 12-hour price chart.
Dogecoin entered this channel during the March correction, following its January peak at $0.450. After entering the ascending wedge, the prominent meme coin has shuffled between the top and bottom of the price structure.
DOGE is currently trading near the lower support area, following its recent price underperformance. Martinez predicted that Dogecoin could rebound from support, with a buying spike potentially pushing the token higher.
How High Can Dogecoin Go?
Should the price bounce, Martinez has highlighted possible targets for this bullish price action. The first higher price that Dogecoin would rebound to is the channel’s midpoint resistance at $0.25, representing a 29% increase from its current market price of $0.197.
Meanwhile, he suggested that Dogecoin could go even higher. If the midpoint supply breaks, DOGE could appreciate to $0.33, aligning with the upper resistance of the parallel channel. This represents a 70% spike from the current level.
Dogecoin Forms Bullish Flag
Notably, another analyst, Trader Tardigrade, also shared a similarly bullish development for Dogecoin in the near term. He highlighted that DOGE trades within a bull flag pattern on the 4-hour chart, a structure known to precede an upward breakout.
This pattern followed its crash to $0.103 on October 10, with prices consolidating within this range since then. The long wick formed the pole, with DOGE filling up the flag subsequently.
Tardigrade predicts a breakout that would take DOGE to $0.43, representing 122% price growth from current levels.
Interestingly, this follows a parallel prediction from Tardigarde, where he predicted that Dogecoin would go parabolic to its target of $1.15 this cycle.
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