The Dogecoin price has witnessed a notable decline amidst this wider bloodbath, as it is currently down by 8% in 24 hours. Nonetheless, Dogecoin continues to attract bullish sentiment despite the market crash.

Cryptocurrency prices have declined massively in the past 24 hours, with the global crypto market cap declining by a little over 4% in the past day. Notably, this decline has seen over $1.75 billion worth of crypto positions liquidated in the past 24 hours, according to CoinGlass data, with $1.56 billion of these coming in long positions. 

Analyst Says Dogecoin Price Target Still Remains $3

Despite the recent correction, crypto analyst Ali Martinez has reaffirmed his ambitious price target for Dogecoin, sharing his insights on the platform X. According to Martinez, the ongoing market correction presents an opportunity rather than a setback, and Dogecoin is still in the early stages of its bull cycle.

Martinez emphasized his long-term optimism for Dogecoin, highlighting a specific price range as a strategic buying zone. His outlook emphasizes that despite the current “crypto market bloodbath,” Dogecoin’s fundamentals and growth potential remain intact. With this in mind, Martinez’s suggested accumulation range lies between $0.30 and $0.40. These are levels that look favorable for those aiming to capitalize on Dogecoin’s trajectory. 

This accumulation range is highlighted by an uptrend channel through a Dogecoin weekly candlestick chart that accompanied his prediction. According to the price chart, the Dogecoin price has been trading in an uptrend channel since 2017, which has seen a consistent pattern of higher highs and higher lows. 

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Author: Scott Matherson