Dogecoin's $15 Price Target 'Never' Based on Speculation, Says Popular Analyst: Here's The New 'Possible'

Leading cryptocurrency analyst Ali Martinez retracted their earlier forecast on Tuesday that Dogecoin (CRYPTO: DOGE) would hit $15, citing changes in the coin’s technical structure.

Why the Thesis Got Invalidated

Martinez said on X that the thesis was built on a multi-year rising parallel channel that “accurately defined” DOGE’s price action since inception.

They noted that every touch of the channel’s lower boundary had marked a “generational buying opportunity,” delivering gains of 9,221% in 2017 and 30,694% in 2020.

‘Markets Evolve’

When Dogecoin returned to that same support in February, Martinez believed that the technical structure indicated the possibility of another “historic bull run,” with $15 as the target.

“But markets evolve,” they added. “Dogecoin has now broken below the lower boundary of the channel, invalidating the setup and removing the technical foundation behind the $15 thesis.”

To put this in perspective, Dogecoin has never even reached $1. Hitting $15 from current levels would mean an upside of roughly 18,343%.

Martinez acknowledged an X user’s disappointment over the invalidated thesis, floating $1 as a possible remaining price target.

Watch Out For These Signals

DOGE is down about 30% year-to-date, though it staged a sharp rebound in the second half of August along with the broader market.