The analyst explained how Dogecoin can observe a significant rally if its price can hold the lower level of this scheme.
Dogecoin is currently testing the lower boundary of the ascending channel
In a new post about X, Analyst Ali Martinez discussed the long -term formation at a weekly price for Dogkoin. The subject under consideration is the “ascending channel” from technical analysis (TA), which is a type of parallel channel.
The parallel channel is the structure of consolidation, in which the price of the asset remains blocked between two parallel trend lines. The upper level of the channel will probably provide resistance, while the lower can be a support point.
Breaks from any of these lines may imply a continuation of the trend in this direction. That is, the escape over the Bully channel, and a drop under it is bearish.
Parallel channels can be classified into three types, based on leveling the trend lines in relation to coordinate axes. The channels that are tilted up (that is, those that have trend lines that follow higher minimums and higher maximums) are known as ascending channels. While the asset is inside this type of channel, its prices are consolidation to pure growth
In the same way, those of the opposite orientation are called downward channels and represent consolidation in a lack of network. The third case, when the trend lines are parallel to the axis in time, does not have a special name.
Now here is the diagram separated by an analyst that shows the ascending channel, which the weekly price for Dogecoin is traded inside for the last decade:
As can be seen above, the 1-week price of Docheikin has recently witnessed a sharp decline and is approaching at a lower level of a channel located at $ 0.16. The last time Memoyan repeated the line over the past few months of 2024, and then he successfully discovered support.
“All eyes at Dogecoin $ DOGE! If he holds this level at a level of $ 0.16 and bounced, moving may be as follows! ” The analyst notes. This goal for 2 dollars is approximately related to where the asset will correspond to the midline of the channel, the level that also showed interaction with its price in the past.
Nevertheless, it remains to see whether the Memen will really find support, and the upward channel will continue to hold. There is always a probability of gaping with such templates that, as mentioned earlier, can lead to a bear.
Dog Price
At the time of writing, Dogecoin swims about $ 0.176, decreasing by more than 20% over the past seven days.
