Market expert Ali Martinez estimates that the price of this dog-themed meme coin has the potential to surge by around 250% to touch the $0.5 level

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Cryptocurrency market expert Ali Martinez has revealed a strong bullish prediction for the price of Dogecoin (DOGE) on Thursday (3/4).

According to him, this dog-themed meme coin could surge by around 250% to touch the $0.5 level. However, this scenario is only possible if Dogecoin is able to hold above the important support level of $0.16.

According to observations, the price of DOGE was at $0.1662, which helped fuel optimism of a possible rally in the near future.

Dogecoin Poised for 250% Surge? Top Analyst Reveals Key Price Levels to Watch

On April 3, renowned crypto analyst Ali Martinez took to X to highlight the significance of the $0.16 price level for Dogecoin, calling it a critical “make-or-break” point that could determine the coin’s next major move.

Read also: Dogecoin Dips 2% — Is DOGE on the Edge of a Major Crash or a Surprise Comeback?

According to him, if the price is able to stay above this level, Dogecoin has the potential to skyrocket to $0.57, an increase of almost 256% from the current price.

However, if it fails to maintain this support, the Dogecoin price is expected to drop dramatically to $0.06. Having said that, the $0.16 level is a major concern for market participants, given that the DOGE price is currently trading very close to that area.

On April 3, DOGE was at $0.1662 with a daily decline of over 3%. In the last 24 hours, the price touched a low of $0.1624 and a high of $0.1787, but still managed to maintain key support at $0.16.

Overall, market watchers are still showing optimism, hoping that this trend will continue and trigger further rallies.

Next Resistance Level for Dogecoin Price, According to Analysts

In another post on platform X, the same analyst also highlighted an important resistance level that Dogecoin needs to break in order to continue its bullish trend.

He mentioned that DOGE is currently facing two major obstacles in the price range of $0.18 and $0.21.

If the price is able to break and hold above these two levels, then the opportunity for a rally of more than 250% is wide open.

With these dynamic market conditions, crypto traders and investors are now focused on monitoring Dogecoin’s price movements, hoping for a change in direction towards a stronger uptrend.

Derivatives Data Fuels Market Buzz — Is Dogecoin Facing More Short-Term Turbulence?

Although the bullish outlook for Dogecoin (DOGE) continues to echo, the latest data from Coinglass has led to the opposite speculation. Notably, the Open Interest (OI) for DOGE futures contracts has decreased by more than 3% (3/4), down to $1.56 billion today.

Read also: Dogecoin Price Potentially Increases 10x After Elon Musk Showcases Ghibli Anime? Check out the Analysis!

This drop indicates a slight decline in investor interest in DOGE, despite various price predictions showing significant upside potential.

Interestingly, on the other hand, the volume of DOGE derivatives jumped 40% to $5.24 billion, providing more complex market sentiment and sparking curiosity among market participants.

Crypto traders and investors are now expecting short-term volatility in response to these market dynamics, although the long-term outlook for DOGE is still considered positive.

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This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.