Crypto analyst Kevin (@Kev_Capital_TA) presented a bullish case for Dogecoin price while identifying a final price target of $1.30, but under specific market conditions. In his technical analysis shared on (formerly Twitter), Kevin highlighted the importance of a critical support level and uptrend currently shaping Dogecoin’s price trajectory.
Key support level at $0.26 critical for uptrend
Dogecoin price action over the past few weeks has been largely on the path to correction. This correction trajectory began after Dogecoin reached $0.48 in early December 2024 and has continued until today, as the meme coin has yet to reach this level since then. The prolonged correction is starting to see some sort of rampant bearish sentiment in Dogecoin and other altcoins. Social media activity Surrounding Dogecoin has also seen a notable decline, reflecting the decline in interest of many crypto market participants.
Despite this backdrop, crypto analyst Kevin (@Kev_Capital_TA) remains optimistic about Dogecoin’s price potential, provided it sustains above the critical support level of $0.26. According to Kevin, this level is essential to maintain an upward trajectory for DOGE. He noted that the meme coin’s price action is important against the backdrop of a descending channel trend currently forming on the Dogecoin price chart.
This level is believed to serve as the basis for the current bearish channel pattern, which has been forming since the first week of December 2024. The $0.26 level takes on added significance as it marks the lowest point Dogecoin has reached in recent years. weeks, notably on December 20, 2024, when the price tested this level before quickly rebounding. As long as Dogecoin continues to trade above the $0.26 threshold, the broader bullish outlook remains intact.
Measured Movement Target: Dogecoin Price $1.30 After Breakout
Technical analysis identifies $1.30 as the measured movement target for Dogecoin. This target depends on whether Dogecoin manages to break out of the descending channel upwards. Still, reaching $1.30 from current sentiment would require a lot of work to restore momentum. This momentum would build on persistent bullish sentiment among some Dogecoin traders who are still waiting for a Dogecoin rally.
“The measured move target of this pattern is $1.30 if it breaks out. There is a lot of work to be done, but we will continue to monitor closely,” explained Kevin.
At the time of writing, Dogecoin is trading at $0.3425 and is up approximately 4.1% over the past 24 hours. It is still in the middle of the bearish channel and should push towards the $0.4 mark to be able to cross the upside. Reaching the price target of $1.30 from the current price would result in a 280% increase for Dogecoin and a simultaneous breakout above the current all-time high of $0.7316. However, he is nothing in comparison to a few other projections, reaching up to 1000% of the current price of Dogecoin.
Featured image created with Dall.E, chart from Tradingview.com