Dogecoin (DOGE) Price Prediction: Swells to 3-Month Highs, Targets a Rally to $0.31

An analytical insight has suggested that Dogecoin would sustain its current upward trajectory, with a rally to a 3-month high as its next near-term target. By Gladis Macharia.

Dogecoin (CRYPTO: DOGE) is showing signs of sustaining its current upward trajectory, with a rally to a 3-month high as its next near-term target, according to an analytical insight shared Thursday.

What Happened: Early Thursday, prominent market analyst Ali Martinez took to X, formerly Twitter, to highlight a recent bullish price development on Dogecoin’s lower timeframe chart, which targets higher prices.

The market insight follows Dogecoin’s renewed bullishness. For context, Bitcoin’s (CRYPTO: BTC) recent northward drive to unprecedented prices has spilled over to the meme coin, which is up 4.75% and 41% in the past week and month, respectively.

Moreover, renewed whale traction and growing network activity have also contributed to Dogecoin’s upward momentum. A recent report from The Crypto Basic highlighted these statistics, which have escalated the bullish expectations for the largest meme coin by market cap.

Sharing his perspective on the DOGE/USDT 1H chart, Martinez identified a positive price action as the token appears to be breaking free from a major hurdle, releasing the momentum for a bullish continuation.

An accompanying chart highlights Dogecoin’s trend above a bullish pennant, within which the token has made lower highs and lower lows. The structure’s formation dates back to May 11, when DOGE rallied to $0.26, with several attempts to breakout proved futile.

However, with the breakout, Martinez predicts a rally to the 1.382 Fibonacci extension at $0.31. Notably, the surge culminates in a 29% uptick from the current market price and a to a price mark last seen in early February.

Nonetheless, Martinez had earlier identified the area between $0.25 and $0.26 as a key resistance that Dogecoin needs to overcome for a sustained uptrend to higher prices.

Another Take: In a parallel tweet, market watcher Chad confirmed the predominant bullishness in Dogecoin’s chart, adding that the meme coin does not in any way look bearish, especially on the weekly timeframe.

The accompanying chart shows Dogecoin’s higher high and higher low formation, with its April low of $0.13 marking the end of its price correction. From here, Chad predicts that DOGE would see higher prices, with the next stop at the 0.618 Fibonacci level at $0.26.

Furthermore, the token will rally 72% from the current price to $0.41 at the 0.786 Fibonacci level before ultimately reaching $0.74, an impressive 207% surge.

See More: Top 40 Cryptocurrency Tokens by Market Cap