A popular meme coin has shown signs of recovery as it entered bullish territory with analysts showing optimism for the future of the crypto in the upcoming months. Analysts predict that Dogecoin’s current momentum will push it to a possible 318% rally, giving their insights on what is driving this move upward.

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Price Rally Around The Corner?

An analyst said in a post that Dogecoin could be heading for a 318% increase, which is possible since the breakout experienced by the meme coin aligns with its historical price movements.

“With the breakout target at $0.6533, another +318% increase to reach it can be in the works and prices may only be preparing here to do so,” JavonTM1 said.

Prices of $DOGE (Dogecoin) are still up nearly +129% since breaking out of the pictured resisting trend and with prices still broken out and in a position to confirm another set of Higher Lows, even more upside can be coming!

With the breakout target at $0.6533, another +318%… https://t.co/nhmMIkJgqv pic.twitter.com/Qum16794Li

— JAVON⚡️MARKS (@JavonTM1) March 11, 2025

JavonTM1 made the prediction after the meme coin soared by 129% following a breach of a critical resistance trendline. “Prices of $DOGE (Dogecoin) are still up nearly +129% since breaking out of the pictured resisting trend, and with prices still broken out and, in a position to confirm another set of Higher Lows, even more upside can be coming!”

The Bullish Impulse Wave

Analysts used the Elliott Wave Theory to explain the future of DOGE. According to the charts, Dogecoin’s price might be “in the middle of a bullish impulse wave.” They argued that the coin’s volume spikes showed that there was an increase in market participation, supporting the possibility of sustained upward movement.

Meanwhile, a curved trendline on the chart indicates that the meme coin has shifted from a prolonged correction phase into a breakout phase.

Last month, JavonTM1 noted that Dogecoin, hitting $0.6533, is just around the corner. “It’s only a matter of time here with such a major breakout response and climb thus far but a move above is looking more and more likely!”

Potential Rebound

Another analyst believes that DOGE is heading towards a potential price rebound, reinforcing the coin’s bullish outlook.

Ali Martinez used the TD Sequential indicator to explain the likely surge, saying that the indicator has flashed a buy signal on the daily chart, a cue used by investors to identify trend reversals.

Martinez added that this usually happens after a bearish phase, indicating that the meme coin could be moving toward the recovery phase.

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Data showed that DOGE remains in a strong position following the price breakout, indicating possible further gains.

At press time, Dogecoin is traded at $0.1720 per coin with a market cap of more than $25 billion.

Featured image from Pexels, chart from TradingView

Dogecoin is at a critical point, with its price hovering around $0.16. Traders are watching closely, as this support level could be the deciding factor in whether the meme coin takes off or tumbles further. If history is any guide, maintaining this level could spark a rally, while losing it may bring more pain.

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Dogecoin: Key Level To Watch

The $0.16 support level is not just a random number—it has been a crucial zone for Dogecoin. If it stays above this mark, there’s a strong chance of a rebound. Past price movements suggest that Dogecoin tends to climb after testing key supports.

Some analysts believe that holding this level could lead to a breakout toward the $0.20–$0.30 range in the near term.

Crypto analyst Ali Martinez has weighed in, stating that Dogecoin’s price is following an ascending parallel channel. He believes that if the $0.16 support holds, the meme coin could surge toward $2.74 or even as high as $6.24 in a strong bullish scenario.

However, a breakdown below this level could invalidate this outlook and send the price lower.

#Dogecoin $DOGE is nearing a crucial support level at the lower boundary of this channel. Holding above $0.16 could fuel a strong rebound! pic.twitter.com/foCUdbnTFZ

— Ali (@ali_charts) March 9, 2025

Traders Adjust Price Targets

The market mood is shifting. Some traders are setting their profit targets between $0.70 and $0.80, looking for another big move. Even with recent setbacks, many people still believe that Dogecoin will reach $1.

Even if this seems far-fetched, anyone who recalls Dogecoin’s meteoric climb in 2021 knows that when momentum builds, it may surprise.

Short-term traders, meanwhile, are exercising caution and holding off on making significant trades until they receive clear signs.

The course of the next few days may determine if Dogecoin continues to trend upward or remains in its present range.

History Hints At A Possible Rally

Dogecoin’s past performance shows a pattern of major price swings after testing strong support zones. After going up from key marks in 2017 and 2021, the coin made a lot of money.

If things keep going the way they are, some experts think Dogecoin could go over $1.75 in its next bull run.

Still, it’s never easy to tell how crypto will move. External factors, such as how the market feels, Bitcoin’s price movement, and broader economic trends, will also affect the meme coin’s price route.

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Current Price Action

Currently selling at around $0.174, Dogecoin has dropped about 7% over the previous day. The low dropped to $0.16; the intraday high hit $0.1878. The meme crypto’s market capitalization now is almost $26.23 billion. Technical indicators suggest a possible rebound, but that depends on whether buyers step in at this critical level.

Featured image from Gemini Imagen, chart from TradingView

Analyst and trader Ali Martinez is leaning bearish on a leading memecoin while offering his outlook on three other crypto assets.

Martinez tells his 129,900 followers on the social media platform X that Dogecoin (DOGE) could crash by around 93% from the current level if it breaks down from the lower boundary of an ascending channel – a pattern that has stood intact for over a decade.

“Dogecoin has been trading inside an ascending channel. Since 2014, Dogecoin has tended to rebound from this channel’s lower support trend line to the upper resistance trend line. And from this level, Dogecoin tends to drop back to the lower support trend line and then it rebounds again. Repeating the whole cycle.

But now Dogecoin is at a critical point. If it breaks the $0.19 support level, it could trigger a correction to $0.015.”

An ascending channel is a bullish structure suggesting that an asset is in an uptrend, printing higher highs and higher lows. However, a move below the pattern’s diagonal support may indicate that the asset is primed to enter bear territory.

Dogecoin is trading at $0.211 at time of writing.

Next up is Bitcoin (BTC). Martinez says that based on the Pi Cycle Top indicator, a tool in technical analysis that’s used to predict Bitcoin’s market tops, the crypto king could surge to $150,000 if BTC reclaims the $97,000 level.

Bitcoin is trading at $89,562 at time of writing.

Turning to Ethereum (ETH), Martinez says that it is primed to explode by up to 70% if it moves above a key resistance level.

“Ethereum is testing the lower boundary of this parallel channel. A successful reclaim of $2,350 could fuel a strong recovery toward $3,000 – $4,000!”

Ethereum is trading at $2,245 at time of writing.

Looking at Solana (SOL), Martinez says the altcoin is trading in a right-angled ascending broadening channel and could plunge to $60 if the key support level at around $125 fails to hold.

A right-angled ascending broadening channel suggests that an asset is in an uptrend as it records higher highs while maintaining a horizontal support. A move below the pattern’s support may indicate that a deep drawdown is in sight.

Solana is trading at $147 at time of writing.

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