Crypto analyst Kevin (@Kev_Capital_TA) has laid out a bullish case for Dogecoin price, identifying a final price target of $1.30, albeit subject to certain market conditions. In his Technical analysis shared on X (formerly Twitter), Kevin emphasized the importance of a critical support level and a bullish pattern that is currently shaping Dogecoin’s price action.
Key support level at $0.26, crucial for the uptrend
The Dogecoin price movement in the last few weeks has been largely on course for correction. This correction path began after Dogecoin reached $0.48 in early December 2024 and continues to this day as the meme coin has yet to reach this level since then. The ongoing correction is gradually becoming apparent A pessimistic mood is spreading in Dogecoin and other altcoins. Social media activity There has also been a noticeable decline around Dogecoin, reflecting the waning interest of many crypto market participants.
Despite this backdrop, crypto analyst Kevin (@Kev_Capital_TA) maintains his bullish outlook on Dogecoin’s price potential provided it remains above the critical support level of $0.26. According to Kevin, this level is key to maintaining an uptrend for DOGE. He noted that the meme coin’s price action is important in the context of a falling channel pattern currently forming on the Dogecoin price chart.
This level is intended to serve as a foundation within the current falling channel pattern that has been forming since the first week of December 2024. The $0.26 level is of additional significance as it marks the lowest point Dogecoin has reached in recent weeks, particularly on December 20, 2024, when the price tested this level before quickly rising again. As long as Dogecoin continues to trade above the $0.26 threshold, the overall bullish outlook remains intact.
Measured move target: $1.30 Dogecoin price after breakout
Technical analysis identifies $1.30 as a measured move target for Dogecoin. This target depends on the possibility that Dogecoin can successfully break out of the falling uptrend. Still, reaching $1.30 from the current sentiment would require a lot of work to restore momentum. This momentum would build on the ongoing 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 still a lot of work to be done, but we will continue to monitor it closely,” Kevin shared.
At the time of writing, Dogecoin is trading at $0.3425 and is up about 4.1% in the last 24 hours. It is still in the middle of the falling channel and would need to push towards the $0.4 level to break out higher. Reaching the $1.30 price target from the current price would represent a 280% increase for Dogecoin and a simultaneous break above the current all-time value of $0.7316. However, it is pales in comparison to some other projections that range up to 1,000% from the current Dogecoin price.
Featured image created with Dall.E, chart from Tradingview.com