Dogecoin (DOGE) is once again on the radar of seasoned market watchers. Crypto analyst Ali Martinez is calling attention to what he sees as a prime buying opportunity, with DOGE currently hovering near a time-tested support line that’s been in play since October 2024. If the pattern holds, the popular meme coin could surge by over 66% from current levels.
DOGE Holds the Line After Pullback to $0.165
After briefly sliding to $0.165 on May 6, Dogecoin quickly reversed course and edged up near the $0.18 resistance zone by May 8, posting a 4.76% gain over the past day and a 3.01% increase over the week. This short-term rally has sparked cautious optimism, though analysts remain divided about what lies ahead.
The key difference in opinions hinges on whether the current bounce is the start of a sustained move higher — or just a temporary blip before further correction.
Long-Term Support Trendline Still Intact
Looking at the weekly chart, Martinez points out a rising trendline that has consistently supported Dogecoin since it traded below $0.06 in late 2024. Every meaningful dip since has found footing at this line, including a notable bounce near $0.09 after a move above $0.21.
As DOGE again drifts toward this trendline, Martinez believes a potential retest near $0.14 could offer an attractive entry point. Based on his projections, a successful rebound could lift DOGE as high as $0.30, implying a 66% upside from current levels.
Breakout from Falling Wedge Adds Bullish Fuel
Adding another layer to the bullish thesis, analyst Javon Marks has spotted a falling wedge formation stretching back to Dogecoin’s $0.50 high in late 2024. DOGE recently pierced the wedge’s upper boundary — a move traditionally seen as a bullish breakout.
Marks’ chart suggests a parabolic climb toward $0.30 in the near term, with a more ambitious target of $0.65 longer-term. That’s a 261% jump from current prices if the pattern plays out.
One technical factor backing this narrative is a bullish divergence on the Relative Strength Index (RSI). While DOGE’s price action was making lower lows between February and April 2025, the RSI was making higher lows — typically a sign that downward momentum is fading.
Not All Analysts Are Convinced
However, not everyone is ready to call the bottom. Market analyst Farid Saremi points to lingering weakness in the medium-term charts. On the 3-hour timeframe, he notes that DOGE has fallen below a key consolidation range between $0.18–$0.21, which previously served as a zone of buyer strength.
Saremi now identifies $0.10894 as an important support level, tied to price behavior in January 2025, and highlights $0.07478 as a deeper floor dating back to the October–November 2024 range.
According to Saremi, the break below the previous consolidation zone reflects waning bullish control, and while external catalysts might alter timing, his downside levels remain valid technical targets.
What Comes Next?
Dogecoin is once again at a crossroads. With multiple analysts presenting contrasting views — from bullish breakouts to potential further declines — the coming days could prove pivotal.
For now, long-term holders may find some comfort in DOGE’s historical tendency to respect its ascending trendline. But with short-term momentum still uncertain, traders should stay alert for confirmation signals before making big moves.
