The Dogecoin price is in focus, having gained over 34% in the last seven days. Crypto analyst Rekt Capital has commented on the meme coin’s current price action and highlighted a critical level it needs to hold above to sustain this bullish momentum and rally to $0.27.
Dogecoin Price Could Rally To $0.27 If It Holds This Level
In an X post, Rekt Capital indicated that the Dogecoin price could soon rally to $0.27. However, he remarked that the meme coin needs to hold the green candle at around $0.22 on the weekly chart for it to reach this price target.
This came as he noted DOGE is now performing that key retest of pre-halving resistance into new support. In an earlier analysis, he also revealed that the top meme coin has successfully enjoyed a weekly close above the pre-halving highs. He added that Dogecoin is now on the brink of reclaiming that old resistance around $0.2 as the new support.
Indeed, the Dogecoin price is currently retesting the old resistance as part of a broader crypto market correction. The Bitcoin price has dropped to as low as $100,800 today, dragging altcoins alongside it. As a result, DOGE had fallen to $0.22 from its intraday high of $0.25.
Meanwhile, the meme coin is also at risk of suffering a correction due to the upcoming $100 million Dogecoin token unlock. Token unlocks typically put selling pressure on an asset, which could lead to a significant price decline.
DOGE To Still Reach $1
Despite the recent correction and upcoming token unlock, crypto analyst Crypto Kaleo has predicted that the Dogecoin price will still reach the psychological $1 level. He stated that it is finally time for market participants to start paying attention again to the “king of memes” as it eyes a rally to this price level.
Interestingly, his accompanying chart showed that DOGE could even surpass the $1 level and rally to as high as $3. Meanwhile, the rally to these price levels is expected to happen in the second quarter of this year.
In the short term, the $0.22 price level is the level to watch out for. A Coingape market analysis also noted that a bearish reversal pattern suggests that DOGE may drop to $0.22 before a sustained rally.
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