Dogecoin Could See Parabolic Run If $0.16 Support Level Holds
Analyst Ali Martinez highlighted Dogecoin's potential for a parabolic run if it maintains support at $0.16. Currently, Dogecoin is retesting the lower bound of an Ascending Channel pattern.
Key Points
- Dogecoin trades within a long-term Ascending Channel, defined by parallel trendlines connecting higher highs and higher lows.
- A break above the channel could indicate bullish momentum, while a drop below may signal bearish trends.
- The recent decline brought DOGE close to the lower boundary, which previously facilitated price rebounds.
- In the past week, Dogecoin's price fell nearly 17%, reaching approximately $0.17.
