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DOGE Bulls Face Crucial Test At $0.15 Support To Keep Bullish Potential Intact - Details
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

DOGE Bulls Hold The Line At $0.15 — Is The Rally Still Alive?

Semilore Faleti
Semilore Faleti
5 days ago
2 mins read
DOGE

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Dogecoin (DOGE) prices have crashed by over 4% in the past month indicating a slightly dominant bearish influence in recent weeks. Similar to the crypto market leader (Bitcoin), the prominent altcoin and memecoin has registered significant market corrections since attaining a local peak of $0.249 on May 22. However, recent revelations by top analyst Ali Martinez has shown a bullish market condition that supports a price rebound for the DOGE market.

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DOGE Bulls Eye Return To $0.22

In an X post on July 5, Martinez provides some technical insights into the DOGE market highlighting an important requisite for the altcoin to rediscover its bullish form. Using the daily trading DOGEUSDT chart, the renowned analyst identifies an ascending trendline that stretches to 2023. At multiple instances of a retest, this trendline has acted as an efficient support consistently rejecting a further price decline.

DOGE
Source: @ali_charts on X

According to Martinez’s analysis, Dogecoin is trading around this trendline which presently runs through the $0.150 price level. The analyst explains market bulls must defend this price zone which not only fuels the chances of a price rebound, but essentially prevents a breakdown and complete transition to a bearish market.

Interestingly, all retest of the highlighted trendline has always produced a price bounce resulting in a parabolic rally. This event is seen in price surges of $0.059 to $0.210 (≈255% gain) between 2023-2024, and $0.095 to $0.470 (≈395%) in 2024. However, Ali Martinez presents a conservative price target, stating a defence of $0.15 support level supports a quick bullish return to at least $0.220.

Nevertheless, in the presence of a strong bullish pressure as seen in previous rallies, DOGE investors may expect a further rise to around $0.24 with a potential to return to the local market peak of $0.47.

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DOGE Price Overview

At the time of writing, DOGE trades at $0.164 reflecting a modest price gain of 0.91% and 0.56% on the daily chart and weekly chart, respectively. Meanwhile, the memecoin has recorded a 56.81% crash in its daily trading volume indicating a significant fall in market interest.

According to data from price prediction site Coincodex, general sentiment in the DOGE market is bearish. However, investors retain an healthy market demand as evidenced by a Fear & Greed Index of 67 i.e. significant amount of greed.

For the short-term, Coincodex analysts expects DOGE to still maintain a price around $0.160 in the next five days while projecting a price gain to $0.193 in a month. Meanwhile, their long-term forecasts show little expected price growth in the far future as indicated by price targets of $0.197 in three months, and $0.169 in six months.

DOGE
DOGE trading at $0.163 on the daily chart | Source: DOGEUSDT chart on Tardingview.com
Featured image from Pexels, chart from Tradingview
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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