Dogecoin (DOGE) is back at around $0.22 following a steep pullback from recent highs of over $0.24 on Saturday, August 9.

However, despite the pullback, a golden cross between 20/200-day moving averages still indicates a long-term bullish trend.

Accordingly, lead crypto analyst Ali Martinez predicts that once the meme coin clears $0.36, the “targets reset to $0.70.”

Dogecoin price analysis

Doge price is down 1.32% in the past 24 hours, trading at around $0.22 at the time of writing on Monday, August 11. thus, Dogecoin price is  lagging behind the broader crypto market’s 1.02% gain over the same period. 

The correction is due to a number of factors, including a fresh token supply. Indeed, 95.49 million DOGE, worth roughly $22.09 million, came into circulation via scheduled linear unlocks On August 11, according to CoinMarketCap .

While the release amounted to just 0.06% of the total supply, the coinciding 17.37% drop in trading volume greatly amplified the market impact.

Likewise, the broader market saw $136 million in liquidations on the same day, with DOGE’s high turnover ratio of 7.37% suggesting a lack of liquidity. What’s more, CMM Altcoin Season Index fell 13.89%, accompanied by DOGE’s 30-day social dominance drop of 22%. 

However, the meme coin still appears to have some room for growth, with technical signals pointing to continued buying pressure. For instance, the moving average/convergence divergence (MACD) indicator has flipped into positive territory, and the relative strength (RSI) approaching 67 on Monday suggests that bullish predictions such as Martinez’s are not unfounded. 

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