Dogecoin Drops Below 20 Cents, Analysts Eye 17 Cent Support for Potential Rally to 274 Cents

Dogecoin's price has been struggling to reclaim the $0.20 level, slipping below this key threshold in recent trading sessions. The meme coin has been consolidating close to $0.17, which is an important support level. Crypto analyst Ali Martinez has shared his analysis on social media platform X, predicting that if Dogecoin maintains support at $0.17, it could contribute to a strong rally toward $2.74.

Dogecoin’s price action in the past two weeks has been marked by a steady decline alongside the rest of the crypto market. This decline has seen it lose multiple support levels at $0.3, $0.25, $0.22, and most recently, $0.20. With Dogecoin now trading below $0.2, the next notable support level to keep an eye on is $0.17, which could determine whether its long-standing multi-year uptrend remains intact or faces a breakdown.

This multi-year uptrend, which has been in place since 2017, was recently highlighted in a technical analysis on social media platform X by Martinez. As shown in the Dogecoin price chart, the meme coin has been trading within an upper trendline of all-time highs and a lower trendline of bear market lows. The resulting uptrend range is divided into an upper and lower end by a middle trendline.

Recent market dynamics and decline have seen Dogecoin on the path to retesting the lower trendline of this multi-year uptrend. Current market conditions place this lower trendline around $0.17.

The most optimal condition for a bullish trend would be for Dogecoin bulls to maintain trading above $0.17. As long as the meme coin holds above this threshold, the broader uptrend structure remains intact, and there’s enough possibility for a strong upward trend.

Martinez’s analysis suggests that if Dogecoin maintains support at $0.17, it could experience a major breakout at any time, pushing it to new all-time highs. Remarkably, the analyst suggested Dogecoin would be free to move towards a target at $2.74, which would put it above its current all-time high of $0.7316.

Although this might sound bold