The proposed Dogecoin uptrend remains on track as a prominent analyst highlights a crucial level the asset must hold to reach greater heights.
The Dogecoin moonshot calls keep pouring in amid long-term bullish sentiments and historic cyclical performance. Most recently, seasoned market analyst Ali Martinez suggested that the meme coin’s price upsurge to double digits remains on course.
However, the prominent market analyst shared a crucial price level Dogecoin needs to hold to keep the upsurge prospect alive. He disclosed this in his recent analysis, in which he also highlighted the asset’s price action depending on its reaction around the make-or-break level.
Dogecoin Nears Crucial Price Level
After a strong rebound on Monday, the largest meme coin by market cap has posted three consecutive downtrend days. The consolidation has seen Dogecoin correct 6%, taking its month-to-date retracement to 23%.
Amid this performance, Martinez speculated that the $0.19 price mark is a crucial support level Dogecoin should avoid falling below.
An accompanying chart shows that the crucial level lies at the lower boundary of its multi-year ascending channel, a price structure Dogecoin has consolidated around since 2014. Nonetheless, Martinez expects Dogecoin to hold the price mark, riding on the building momentum around the meme coin’s ecosystem to resume a parabolic rally to $10.
Price Levels Following Dogecoin’s Reaction
Nonetheless, Martinez highlighted levels Dogecoin could reach depending on its price action around the crucial level. According to the accompanying chart, Dogecoin could either surge considerably to unprecedented highs or capitulate to deeper lows.
If the level holds, Dogecoin will target the tip of the ascending channel at the 1.414 Fibonacci extension at $10.04. Meanwhile, the meme coin could surge further to the 1.618 Fib. level at $36.32.
Other Dogecoin to $10 Analysis
Meanwhile, Martinez is not the only commentator predicting an over 3,900% price surge to $10. Analyst Dima James Potts also expects the meme coin to reach the price mark this year, citing historic cyclical price action.
Furthermore, X’s AI chatbox Grok suggested that Dogecoin could hit $10 but with a longer timeframe. The interactive tool predicted the surge to the ambitious price level by 2040.
In the meantime, Dogecoin trades at $0.2486, almost unchanged from the past day.
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