Dogecoin has surged more than 200% in less than three weeks, thanks to Bitcoin's record-breaking rally. As BTC hits new highs, altcoins are also driven, with Dogecoin leading the way. This historic price surge has attracted the attention of traders and analysts, making people excited about the bull market potential of Dogecoin.
Well-known cryptocurrency analyst Ali Martinez shared technical analysis, emphasizing Dogecoin's upward trajectory and setting bold targets. If it is consistent with the macro trend channel, it may soon reach a target price of $2.4. If market dynamics and macro support are favorable, it may even reach $18 under certain conditions.
The next few weeks are critical, and if market conditions and BTC's bullish trend continue, Dogecoin may continue to rise and break through previously unattainable levels. Dogecoin has become the market leader of meme coins, and has gained a lot of attention in the past few weeks. With the new momentum, it has formed a bullish structure, indicating further gains. Now many analysts believe that it has great potential in the current market cycle, especially when the overall sentiment of major cryptocurrencies is positive.
Ali Martinez also shared a technical analysis of Dogecoin's performance in the macro channel, saying that if it tests the middle or upper line of the channel, it may reach a target price of $2.4 or even $18.
Dogecoin has broken through multi-year highs, with its price reaching its highest level since May 2021, breaking more than a few local highs in the past three and a half years. After the recent rebound to a peak of $0.43, the price has cooled slightly and is currently around $0.382, and may be consolidating.
A pullback to the $0.34 level would turn the previous supply zone into a new demand zone, supporting continued upward movement, which would attract investors who want to find opportunities to re-enter the market at support levels. However, due to the strong price trend, continued progress towards the main resistance level of $0.45 is still realistic. Investors who are watching Dogecoin expect it to rise further, and the recent momentum may test this multi-year resistance level again.
