TL;DR

Analysts see bullish potential for DOGE if the price breaks above a certain level. Exchange outflows and subdued retail interest indicate reduced selling pressure and potential upside, as DOGE remains significantly below the hype-driven peaks of 2021 and 2024.

DOGE Waiting for This Push

The biggest meme coin in terms of market capitalization saw its price plunge by 10% in the past month and currently trades at around $0.22 (per CoinGeckos data).

According to Ali Martinez, though, the bulls shouldnt lose hope during this cycle. He believes Dogecoin (DOGE) could fly to $0.30 as long as the price breaks above $0.23. 

While some X users commenting on the post agreed with the assumption, others warned that a further drop is not out of the equation.

Technically, a clean break above $0.23–$0.24 with volume could open targets like $0.25–$0.30. With a triangle or ascending structure, theres even potential for a run toward $0.36.

But beware: that $0.23 zone is also a hot spot for whale accumulation and profit-taking. A slight shift in sentiment can turn bulls into sellers fast. And if the level fails to hold, a drop below $0.21 is very possible, one person claimed. 

Several hours ago, Martinez outlined another optimistic forecast for DOGE, saying the TD Sequential has flashed a buy signal.

Dogecoin $DOGE ready to bounce after TD Sequential flashes buy signal! pic.twitter.com/QM9CLsYOZu

For their part, X user Cryptoinsightuk noted that the meme coin continues hovering in the $0.20-$0.24 range and envisioned a potential pump to $0.40 if it manages to break this structure to the upside. 

More Room for Growth?

Over the past few months, investors have transferred a substantial amount of DOGE tokens from centralized exchanges toward self-custody methods. In fact, there have been only five days in August when inflows surpassed outflows. This development leads to reduced immediate selling pressure.

DOGE Netflow, Source: CoinGlass Meanwhile, interest in DOGE (according to Google Trends) remains well below the peak levels seen in 2021 and in 2024. This could suggest that the meme coin still has further upside potential, as surging retail interest often signals the top of a market cycle.

Interest in DOGE, Source: Google Trends