Crypto analyst Kevin (@Kev_Capital_TA) has outlined a bullish case for the Dogecoin price while identifying a final price target of $1.30, but under specific market conditions. In his technical analysis shared on X (formerly Twitter), Kevin emphasized the importance of a critical support level and a bullish pattern currently shaping Dogecoin’s price trajectory.
Key Support Level At $0.26 Critical For Uptrend
The Dogecoin price action in recent weeks has been largely on a correction path. This correction path started after Dogecoin reached $0.48 in early December 2024 and has continued until today, as the meme coin has yet to reach this level since then. The prolonged correction is starting to see some sort of bearish sentiment creeping into Dogecoin and other altcoins. Social media activity surrounding Dogecoin has also seen a noticeable decline, reflecting waning interest among many crypto market participants .
Despite this backdrop, crypto analyst Kevin (@Kev_Capital_TA) maintains an optimistic outlook on Dogecoin’s price potential, provided it holds above the critical support level of $0.26. According to Kevin, this level is key to maintaining a bullish trajectory for DOGE. He noted that the meme coin’s price action is important within the context of a falling channel pattern currently forming on the Dogecoin price chart.
This level is supposed to act as a foundation within the current falling channel pattern, which has been in formation since the first week of December 2024. The $0.26 level holds additional importance as it marks the lowest point Dogecoin has reached in recent weeks, notably on December 20, 2024, when the price tested this level before bouncing up quickly. As long as Dogecoin continues trading above the $0.26 threshold, the broader bullish outlook remains intact.
Measured Move Target: $1.30 Dogecoin Price After Breakout
The technical analysis identifies $1.30 as the measured move target for Dogecoin. This target hinges on the possibility of Dogecoin successfully breaking out of the falling channel to the upside. Nonetheless, reaching $1.30 from the current sentiment would require a lot of work on rebuilding momentum. This momentum would build upon the lingering bullish sentiment among some Dogecoin traders who are still waiting on a Dogecoin rally.
“Measured move target of this pattern is $1.30 if it breaks out. Lot’s of work to do but will continue to monitor closely,” Kevin shared.
At the time of writing, Dogecoin is trading at $0.3425 and is up by about 4.1% in the past 24 hours. It is still in the middle of the falling channel and would need to push towards the $0.4 mark in order to break to the upside. Reaching the $1.30 price target from the current price would translate to a 280% increase for Dogecoin and a simultaneous break above the current all-time of $0.7316. However, it pales in comparison to a few other projections, reaching as high as 1,000% from the current Dogecoin price.
