Dogecoin price has pulled back this week, remaining in a consolidation phase where it has been for almost a month. Its two-day retreat happened as Bitcoin and other altcoins suffered a harsh reversal. Still, some notable analysts believe that the current DOGE price crash will be brief and that the uptrend is still intact.
Crypto Analyst Sees Dogecoin Price Rising To $18
A quick look at statements by most crypto analysts shows that many of them are highly optimistic that the Dogecoin price has room for more growth.
In an X post, Ali Martinez, a popular technical and on-chain analyst, predicted that DOGE was still in a good place in its bullish cycle. He pointed to the weekly chart with a regression channel.
He expects that the DOGE price will rise to about $3 in the ongoing bull run. His long-term view is that the coin will ultimately rise to $18. A move from the current price of $0.4127 to $3 would imply a 628% rally, while a surge to $18 would lead to a 4,267% gain.
Scofield, another crypto analyst, predicted that the Dogecoin price would soon take off. He pointed out that it had just moved to a key support level on the four-hour chart and that it would soon bounce back.
Dogecoin Price Technical Analysis: Needs To Flip $0.4835
The weekly chart shows that DOGE price has remained in a consolidation phase in the past few weeks. This price action happened after it rallied to a multi-year high of $0.4841, its highest level since May 2021. The price was also a few points above the 38.2% Fibonacci Retracement level at $0.4565.
Dogecoin remains much higher than the key support at $0.2278, its highest level on March 25, and the upper side of the small cup and handle pattern.
While it is still too early to tell, there are signs that the ongoing consolidation is part of the formation of either a bullish flag or a bullish pennant pattern. These patterns are made up of a long vertical line followed by a consolidation.
If these patterns work out, it means that the Dogecoin price will have a bullish breakout, with the next logical target being at $0.7373, its all-time high.
On the flip side, a drop below $0.3690, the 50% retracement level will invalidate the bullish Dogecoin price forecast. Such a drop will see it drop to the psychological point at $0.300.
The post Top Analyst Ignores Dogecoin Price Crash: Sees DOGE Hitting $18 appeared first on CoinGape.
