Dogecoin Market Shake: Is the Decline Just a Prelude Before Exploding to 0.82 USD?

Dogecoin price dropped 12% today, down to $0.3796 as the cryptocurrency market decreased by 7.5% in the past 24 hours. Today's decline means DOGE has lost 1.5% in a week and 7% in two weeks, while this meme token still increased up to 176% in the past month. Despite a major correction in the past 24 hours, this currency still has the potential to rise further in the coming weeks, as analysts note that the classic "cup and handle" pattern could help this currency soar to $0.82 in the current cycle. And with the recent call of the Dogecoin Fund for major sponsors for the development and expansion of this currency, the future also seems very bright for DOGE in terms of its platform. Analysts predict that Dogecoin's 'Cup and Handle' formation could push it to $0.82 in December, with support still at $0.37 Famous analyst and trader Ali Martinez has been tracking Dogecoin throughout the market's post-election rally, previously declaring that the token had surged exponentially. A few days ago, he added to his comment by noting that DOGE "is in a breakout phase, pushing the price up to $0.82".

His theoretical basis for this prediction is that the DOGE chart has formed a bullish flag, and at that time it was breaking out. Although today's decline renders half of his analysis obsolete, Martinez also predicts that the rally to $0.82 will last as long as the $0.37 support level holds. And up to now, despite today's adjustment, this support level is still being maintained.

The encouraging thing about DOGE's one-hour chart is that it shows the currency's indicators are approaching the bottom. This implies that a collective recovery to the $0.40 level is very close. Additionally, there are fundamental reasons to be optimistic about DOGE as the Dogecoin Fund has recently called for sponsors. The purpose of this is to promote the development and adoption of DOGE, and when combined with the overall market uptrend, that development could help push Dogecoin's price to $0.82 in Q2 2025.