Dogecoin is now at an important moment in the market cycle, and according to a modern analysis conducted by the encryption analyst on Martinez, the next step can be taken or destroyed. In a post on the X social media platform, Martinez explained that Dogecoin’s ability to start mobilizing hinges on whether it is possible Hold the decisive support area About $ 0.16.
His expectations are based on a technical study of the long -term Dogecoin movement, which shows that Meme has maintained a consistent bullish arrangement channel since 2015, as it increased between support and resistance levels during each session.
The eight years ascending channel on the weekly candlestick scheme for Dogecoin
The upcoming expectations of Ali Martinez are based on On his technical analysis From the weekly candlestick scheme for Dogecoin. The analyst pointed out that DOGE has been closed inside an upward channel since 2015, which has been defined at the highest levels and highest levels over the years.
This structure has repeatedly pushed the currency to its highest levels during the upscale periods while determining the limits of corrections in the bear markets. The channel itself is divided into two halves through the upward direction line, which was a support and resistance.
Martinez believes that the same setting may be formed again. The price of DOGECOIN achieved resistance near $ 0.48 in December 2024 It has been corrected since then Up to the past three months. As is the MEME currency is now circulating near the lower direction line of the upholstery. Refered here It can make or break the price course for the rest of the year.
The reversion from $ 0.16 can increase $ 14
The minimum support line was decisive in DogCoin prices, where his last role was in the fourth quarter of 2024. At that time, Dog wore the lower direction line, which was located around the mark of $ 0.09 and went in the gathering that followed that which witnessed an increase in its prices by about 430 %. At the time of writing this report, support for the lower direction line, which is supposed to be the highest level, is now located around the price level of $ 0.16.
The best step It is for Dogecoin to refresh in this lower direction line, and Martinez emphasized that keeping more than $ 0.16 can serve as a launching platform for a large gathering. If the support level continues, it is expected that Dogecoin will start ascending towards the middle of the channel, which is estimated at $ 2.5.
The transition to $ 2.5 would send Dogecoin trading at all levels at all and turn the medium trend line to the level of support. Next, the constant strong momentum would drive Dogecoin to finally reach the upper limits of the channel by about $ 14. However, there can be corrections between these movements.
the The negative aspect of failure To hold this support as important. The decrease to less than $ 0.16 would cause the trend line to support down. In this case, Doug can be vulnerable to deeper losses and prolonged monotheism. Time to write this report, Dogecoin is traded in $ 0.1754, an increase of 3.5 % in the past 24 hours.
Distinctive image from Getty Images, Chart from TradingView.com
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