Renowned crypto analyst Ali Martinez has highlighted a crucial support zone for Dogecoin (DOGE), identifying the price range between $0.19 and $0.16 as a key level for maintaining bullish momentum.
In a post on the X platform earlier today, Martinez stated that if DOGE manages to hold above this critical support, the $3 price target remains a strong possibility.
His analysis, which combines technical indicators and on-chain data, suggests that Dogecoin’s price action is at a decisive moment, with long-term upside potential if bullish sentiment prevails.
Dogecoin Faces Short-Term Price Decline Amid Market Volatility
Despite the optimistic long-term outlook, Dogecoin has experienced a price decline in the short term.
As of today, DOGE is trading at $0.2439, reflecting a -3.69% drop in the last 24 hours and a -12.45% decrease over the past week.
The cryptocurrency market has been volatile, impacting several major assets, including Dogecoin.
With a circulating supply of 150 billion DOGE, the meme-based cryptocurrency currently holds a market capitalization of $36.1 billion, positioning it among the top assets in the crypto ecosystem.
However, recent bearish momentum raises questions about whether DOGE can maintain its key support levels.
Key Support Zone: A Make-or-Break Moment for DOGE
The $0.19-$0.16 range identified by Martinez is crucial for determining DOGE’s next price movement.
If Dogecoin fails to hold above this support, a deeper correction could follow, potentially driving the price further downward.
On the other hand, if buyers defend this zone, Dogecoin could see renewed momentum, setting the stage for another rally.
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Historically, Dogecoin has experienced parabolic price movements, often fueled by community enthusiasm and influential figures like Elon Musk.
Given its widespread adoption and strong market presence, traders and investors will be closely watching whether DOGE can maintain stability within this range.
Long-Term Potential: Can DOGE Realistically Reach $3?
Martinez’s assertion that a $3 price target remains a possibility suggests confidence in DOGE’s long-term potential.
While such a price surge would require substantial buying pressure and broader market support, historical rallies in 2021 showed that Dogecoin could achieve massive percentage gains within a short timeframe.
Institutional interest, growing utility, and increased whale adoption in payments and DeFi could all contribute to DOGE’s ability to reach new all-time highs.
However, for such a bullish scenario to materialize, DOGE must first maintain its support levels and reclaim lost momentum in the coming weeks.
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