Breakout To $0.195 In Sight For Dogecoin?

Most major digital assets, such as Dogecoin, are experiencing notable positive movements again as the general crypto markets turn remarkably bullish.

Major digital assets, such as Dogecoin, are seeing some notable gains again as the broader crypto markets show remarkable strength.

Dogecoin Price Rises To $0.17 As Crypto Markets Show Strength Again

Dogecoin (CRYPTO: DOGE) has risen to the $0.17 mark as crypto market conditions continue to improve, and some crypto analysts believe that the current upward move might extend to higher levels in the short term.

What Happened: Major digital assets are trading in the green on Thursday morning.

Crypto analyst Ali Martinez said on X, formerly Twitter, that the chart on DOGE shows an ascending triangle pattern, which is a bullish technical pattern that hints at the potential continuation of an uptrend. According to the analyst, DOGE is showing the potential for a breakout from the chart pattern, which would suggest an uptrend to crucial price levels.

The technical breakout, which is pending, is being supported by rising volume and improving sentiment across the broader crypto market, which supports the notion that the meme coin may be preparing for a price recovery.

Following a breakout from the upper line of the ascending triangle, Martinez predicts a rally to the $0.195 mark and beyond. With the market gaining momentum, DOGE’s move to this level could trigger a bullish trend in the coming days, adding to the bull cycle.

Even though DOGE seems set for a rally to $0.195, the analyst said that the meme coin needs to "hold" the $0.17 mark as support again. This action is another factor that might bolster Dogecoin’s anticipated upward trend. However, if the asset fails to recover $0.17 as support, it is likely to trigger a move to $0.6, a level that could imply the beginning of a bear market phase.

"If it loses the $0.17 level again, it could open the door for a deeper correction towards the $0.06 zone, which might signal the start of a bear market," Martinez said.

What To Know: As DOGE shows strength, crypto analyst and trader Javon Marks has shared a bold prediction about the meme coin rallying to $1.25 this cycle.

After looking at the 5-day price action, Marks stated that Dogecoin’s price has maintained higher lows and is beginning to show signs of recovery from this set.

DOGE saw a notable increase in price from its prior set of higher lows. Meanwhile, a similar pattern is presently emerging. According to the expert, a breakout holding with a target of $0.6533 is still active, suggesting that another run of at least +279% is imminent.

With the strength from the recent pullback, Marks claims that the $0.6533 target can be broken in the short term. This significant move will eventually bring the $1.25+ mark into play.

"Strength from this recent pullback will break the 0.6533 target quickly. Then we’re looking at the 1.25+ mark being in play as the chart pattern unfolds," the analyst explained.

Dogecoin Price Action: Dogecoin is trading at $0.169 at press time, according to Benzinga Pro.

Related Reading: As Bitcoin Shows Strength, Can It Break Through Key Resistance Levels?