DOGE Price Prediction: Can Dogecoin Rally to $2.74 After Holding Support?

The DOGE price is down around 4.5% this week, now trading slightly below $0.20. Price action has been sluggish for the past couple of weeks, but is there any altcoin that's

The price of DOGE has decreased by approximately 4.5% over the past week, and it is currently trading at a slight discount to $0.20.

While the price action has been sluggish for the past couple of weeks, which altcoin has really seen any decent moves.

Ali Martinez has been following Dogecoin closely and he recently provided an update on his Dogecoin price prediction.

Dogecoin Price Analysis: DOGE Poised For A Breakout After Holding Key Support

As we can see from the chart shared by the crypto analyst, Dogecoin has been trading within a long-term ascending channel pattern for several months. The price has consistently respected this channel, bouncing off the lower boundary multiple times and reaching the upper boundary during periods of strong bullish momentum.

As of March 8, 2025, DOGE is currently trading at $0.19384, down nearly 19% from recent highs. However, what’s interesting is that DOGE recently touched the lower boundary of this ascending channel at around $0.17 and appears to be bouncing upwards.

The chart identifies several key support and resistance levels. The $0.17 mark represents the lower boundary of the channel, which has historically provided strong support for Dogecoin. If this level fails to hold, the next significant support would be around $0.06-$0.07, which aligns with the 0.618 Fibonacci retracement level.

If #Dogecoin $DOGE maintains support at the channel's lower boundary at $0.17, it could trigger a strong rebound toward $2.74! pic.twitter.com/nCVKc4Ix6p

Potential DOGE Price Targets Based On Fibonacci Levels

On the resistance side, DOGE would likely encounter resistance in the mid-channel region between $0.40-$0.57, where the price has previously encountered resistance.

However, Martinez’s more ambitious target is set at $2.74, which corresponds to the Fibonacci 1.272 extension level from the 0.0003 low to the 0.736 high.

The analysis also points to even more bullish Fibonacci targets at $4.24 and $20.32, representing the 1.414 and 1.618 extension levels respectively. To reach these latter figures, Dogecoin would need to undergo extraordinary growth from current prices.

Essentially, Dogecoin is at a critical juncture. If it manages to maintain support at $0.17, we could see a strong rally toward the mid-channel resistance between $0.40-$0.57, and potentially continue toward the $2.74 target if the full bull run materializes.

But, if DOGE breaks decisively below the $0.17 support, it might trigger a deeper correction to the $0.06-$0.07 range, or even lower. The good news for DOGE holders is that the long-term uptrend remains intact as long as the lower channel boundary holds. The market will be closely monitoring which scenario unfolds in the coming weeks.