The Dogecoin price has been under intense bearish pressure so far in 2025, falling a further 10% in the last seven days. However, a popular analyst on social media platform X has pointed out a bullish pattern that could see the meme coin break away to a new all-time high price.
DOGE Price Persists In 11-Year Ascending Channel
In a Feb. 21 post on X, crypto trader Ali Martinez put forward a fresh bullish outlook for the price of Dogecoin over the next few months. According to Martinez, the largest meme coin has been trading in an ascending triangle since 2014, with its price set to rally to a new record high of $4.
The rationale behind this bullish projection is the formation of an ascending channel pattern on the Dogecoin price chart on the monthly timeframe. An ascending channel is a pattern used in technical analysis characterized by two primary (upward-sloping) trendlines; the upper line connecting the progressive swing highs and the lower line connecting the swing lows.
The asset’s price usually trades within the ascending channel, with the upper trend line acting as a resistance area and the lower boundary line acting as support. An ascending channel pattern indicates the persistence of an upward price trend, with a breakout or breakdown used to pinpoint a potential trend reversal or continuation.
Hence, investors can trade as the price oscillates between the pattern’s demand cushions and supply barriers or enter a position following a breakdown or breakout of the pattern. In the current scenario, the Dogecoin price appears to still be trading within the ascending channel after finding support and rebounding around the $0.19 level.
Martinez highlighted that if this $0.19 support area holds and history repeats itself, the price of DOGE could surge to the upper resistance trendline around $4. This rally would represent an over 1,500% rally from the current price point. On the flip side, a breach of the $0.19 support could see the Dogecoin price drop to around $0.06.
Interestingly, this bullish projection aligns with recent hypotheses in the market claiming that the altcoin season has already begun. While some of these theories postulate this current alt season will be selective, large-cap assets like Dogecoin will be expected to lead the charge.
Dogecoin Price At A Glance
As of this writing, the price of DOGE sits just above $0.24, reflecting an almost 5% decline in the past 24 hours. According to data from CoinGecko, the meme coin is down by more than 10% in the past week.
