Dogecoin’s price has struggled to reclaim the $0.20 level, with the meme coin slipping below this key threshold in recent trading sessions. After a brief attempt to push higher , Dogecoin has found itself consolidating close to $0.17, which is an important support level. According to crypto analyst Ali Martinez, holding this level could be the foundation for a major rebound. Martinez shared his analysis on social media platform X, predicting that if Dogecoin maintains support at $0.17, it could contribute to a strong rally toward $2.74. Dogecoin Price Needs To Hold Above Support At $0.17 Dogecoin’s price action in the past two weeks has been highlighted by a steady decline alongside the rest of the crypto market. This steady Dogecoin price decline has seen it lose multiple support levels at $0.3, $0.25, $0.22, and most recently, $0.20. With Dogecoin now trading below $0.2, the next notable support level to keep an eye on is $0.17, which could determine whether its long-standing multi-year uptrend remains intact or faces a breakdown. This multi-year uptrend, which has been in place since 2017, was recently highlighted in a technical analysis on social media platform X by Martinez. As shown in the Dogecoin price chart below, the meme coin has been trading within an upper trendline of all-time highs and a lower trendline of bear market lows. The resulting uptrend range is divided into an upper and lower end by a middle trendline. As it stands, recent market dynamics and decline has seen Dogecoin on the path to retesting the lower trendline of this multi-year uptrend. Current market conditions place this lower trendline around $0.17. Image From X: ali_charts Bold Price Target Of $2.74 The most optimal condition for a bullish trend would be for Dogecoin bulls to maintain trading above $0.17. As long as the meme coin holds above this threshold, the broader uptrend structure remains intact, and there’s enough possibility for a strong upward trend. Martinez’s analysis suggests that if Dogecoin maintains support at $0.17, it could experience a major breakout at any time, pushing it to new all-time highs. Remarkably, the analyst suggested Dogecoin would be free to move towards a target at $2.74, which would put it above its current all-time high of $0.7316. Although this might sound bold given the current market conditions , this target is at the middle trendline dividing the uptrend range into equal halves. Meanwhile, the upper boundary of this multi-year formation suggests an even more optimistic scenario with a possible long-term target above $14. At the time of writing, Dogecoin is trading at $0.1847, having declined by 3.15% in the past 24 hours. If DOGE fails to hold $0.17, it could face a further downside with possible retracements to $0.14 or even lower. Featured image from Unsplash, chart from TradingView
