Dogecoin Price Could Retest Its Previous High Soon
Dogecoin price could retest its all-time high, following a week of solid gains. Over the past seven days, DOGE has risen by 8.82%. On April 25, the meme coin closed above its 50-day moving average for the first time in three months, signaling potential bullish momentum.
Closing Above $0.20 Could Trigger Major Breakout
Currently trading at around $0.17952, Dogecoin is just below its 50-day MA of $0.18222. Crypto analyst Ali Martinez believes that a monthly close above $0.20 would be a major bullish signal. It would place DOGE well above the lower boundary of its long-term ascending channel, historically associated with significant upward moves.
Previous Breakouts Offer Positive Precedent
Martinez notes that prior bounces from this key trendline have led to substantial price rallies. He suggests that if DOGE secures a close above $0.20, it could target the 0.739 Fibonacci retracement level, potentially exceeding its previous all-time high of $0.74.
$0.90 Target Possible in Long-Term Scenario
Given the improving overall market dynamics, the probability of Dogecoin rallying according to Martinez’s scenario is increasing. In an extended bullish scenario, the analyst projects that DOGE could soar to $0.90, representing a rally of over 400%.
Growing Market Optimism Supports the Case
With Bitcoin maintaining strong levels and altcoins showing renewed strength, Dogecoin appears poised for significant moves if key technical levels are breached.
