Currently, Dogecoin is trading just below the $0.30 mark, and if this level is breached, the next significant resistance level for the token will be at $0.58. Consequently, surpassing these levels could trigger a rally to $1.80 or even $5.80, according to analysis from renowned cryptocurrency analyst Ali Martinez.
“If Dogecoin follows a parallel channel, a breakout above $0.58 could lay the groundwork for a move towards $1.80 or even $5.80,” Martinez stated.
According to Martinez, Dogecoin is adhering to a parallel channel—a technical model that describes price movement between two parallel trend lines. If DOGE breaks through the upper resistance at $0.58, it could confirm the continuation of a bullish trend, potentially leading to significant growth.
The expert believes that the key area for Dogecoin at $0.33 serves as short-term resistance, while $0.58 is a critical breakout point. If DOGE exceeds this level, historical price dynamics suggest that it could accelerate to $1.80 and ultimately to $5.80, aligning with previous movements of high volatility.
Indeed, if Dogecoin manages to trade at $5.80, it would boost the token's market capitalization to $860 billion, potentially placing the asset in second place after Bitcoin (BTC), especially if Ethereum (ETH) shows minimal growth.