DOGE’s Big Week Ahead: This Chart Says Dogecoin Price Could Hit $0.29 Soon

The price of Dogecoin had a decent week with around 17% pump, now trading in the $0.16-$0.165 range. However, elite crypto analyst Ali Martinez predicts that DOGE could be setting up for another big week, as visible in his latest analysis.

Focusing on Binance’s trading pair for DOGE/USDT, Martinez’s analysis reveals that the cryptocurrency recently bounced off a long-term support line, extending from late 2023, precisely at the $0.152 mark.

This bounce occurred right at the 0.618 Fibonacci level, a critical zone where buyers typically intervene. The Fibonacci levels are derived from DOGE’s high of $0.485 to its low of $0.056, ultimately creating noteworthy price targets at $0.291, $0.217, $0.185, and $0.152. Each of these levels serves as a potential stopping point for DOGE as it ascends from its lower price extremes.

The current setup shows DOGE consolidating just below key resistance, a scenario usually encountered prior to a decisive move in either direction. Moreover, the persistence of the price above the ascending trendline suggests that buyers maintain a prevalent role in the market.

“#Dogecoin $DOGE is gearing up for a big week. A close above $0.17 could open the door to $0.21 or even $0.29, as long as it holds the key $0.13 support.”

The importance of breaking $0.17

According to Martinez’s analysis, if the price of DOGE manages to break through the $0.17 level and close a weekly candle above it, we could witness a substantial move upward.

The next logical stops for the cryptocurrency would be at $0.185, followed by $0.217, and potentially even reaching $0.291 if the momentum continues to build up.

As Martinez highlights, the price is currently moving within a tight range at a point just below the resistance, a scenario that usually unfolds before a significant move. Notably, weekly closes carry particular weight as they confirm whether the momentum is sufficiently strong to sustain higher prices.

For the price of DOGE to continue on its upward trajectory, it needs to remain above the $0.13-$0.15 support zone. This area incorporates both the upward trend line and Fibonacci support, rendering it an exceptionally robust level.

However, if the price of DOGE drops below $0.13, we might see it fall further to $0.12 or even $0.09.

If the price of DOGE closes above $0.17, that resistance becomes new support, which is typically a good sign for continued upward movement. The targets of $0.21 and $0.29 also coincide with key Fibonacci levels, making them plausible goals if Martinez’s prediction materializes. These price points correspond to the 0.382 and 0.236 Fibonacci retracement levels, which are often observed to act as magnets for price action during recovery phases.

The bounce from the 0.618 Fibonacci level ($0.152) is especially noteworthy since this level is usually decisive in determining whether a trend will continue or reverse. Thus far, the price of DOGE seems to be respecting this technical structure, which adds credibility to Martinez’s bullish view.