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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

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Pro XRP lawyer John Deaton wants financial advisors to push their clients toward cryptocurrency accumulations. Deaton cites a fast-changing regulatory landscape and rising institutional investment as potential reasons for prices to spike after the crypto market crash.

Financial Advisors Should Tell Clients To Invest In Digital Assets, Says Pro XRP Lawyer

After a largely positive week for cryptocurrencies, John Deaton says financial advisors have to tell clients to rethink their investment strategies. The pro XRP lawyer noted on X (formerly Twitter) that investors should earmark a portion of their funds for cryptocurrencies.

“If you’re a Financial Advisor, how are you not negligent, or even reckless, to not advise your clients to have, at least, a small percentage of your investments in Bitcoin and/or other digital asset,” said Deaton.

The pro XRP lawyer argues that times are changing for the cryptocurrency industry with President Donald Trump calling the shots. He notes that two years ago, the ecosystem only sought clear regulations and expected a level playing ground from authorities.

Deaton says the ecosystem is rippling with enthusiasm following the announcement of a Strategic Bitcoin Reserve and a Crypto Czar.

“We didn’t expect a President to appoint a Crypto Czar, form a Crypto Council or Digital Assets Working Group, or establish an SBR or SCR,” added Deaton.

Objective Reasons For A Potential Crypto Rally

The pro XRP lawyer reeled out three key reasons for an investment in cryptocurrencies. For starters, the decision of the US government to pursue a budget-neutral Bitcoin acquisition strategy is considered a catalyst for a price upswing amid the crypto market crash.

Furthermore, Deaton points to Secretary of Commerce Howard Lutnick’s comments of having “hundreds of millions of dollars exposure to BTC.” Lutnick disclosed in an interview with Anthony Pompliano that his BTC holdings could surge to billions in the coming year.

Treasury Secretary Scott Bessent has confirmed the US government’s commitment to Bitcoin while hinting at an expansion to other cryptocurrencies. On the institutional side, BlackRock’s Larry Fink is urging investors to allocate 5% of their net worth to BTC. The largest asset manager in the world has added BTC ETF to its model portfolio, doubling down on Bitcoin.

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Aliyu Pokima

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.