Dogecoin Retains $0.1172 Price Target: Analyst

The world's largest meme token by market capitalization, Dogecoin, has maintained a steady upward movement over the past few days and appears to be heading for a bigger price move.

As this bullish momentum persists, popular crypto analyst Ali Martinez has spotted a near-term price target of $0.1172 for the leading meme token.

Dogecoin maintains upward pressure

In his post, the analyst shared a chart showcasing Dogecoin's 12-hour price projection, revealing that Dogecoin has been steadily climbing within a defined channel structure.

While the chart has also pointed to its key support and resistance levels, it shows that the recent price surge above the $0.1018 level marks a critical breakout.

As such, Dogecoin has maintained steady upward momentum, all thanks to the growing buyer strength which has positioned the meme token for a continued upsurge toward the top of its channel.

Dogecoin set to hit $0.1172

While Dogecoin is currently trading around $0.1106 as of the time of writing, the chart shows that it is consolidating just below $0.1117 and its price action is tightening as it approaches key resistance.

While the $0.1117 level is currently acting as a barrier to its new price target, the analyst believes that if the memecoin is able to sustain the upward momentum, it may be able to break past the resistance and hit the top of the channel at $0.1172.

Although the broad market appears to have slowed down in its recovery attempt, Dogecoin remains in the green zone while larger assets like Bitcoin and XRP show modest price declines.