Dogecoin Price Faces Critical Support Level at $0.16 According to Analyst

An analyst has highlighted a crucial moment for Dogecoin based on its technical analysis chart.

Key Points

Dogecoin is currently retesting the lower boundary of an Ascending Channel pattern on its 1-week price chart.
The recent price drop to around $0.16 tests this support level, which has previously led to significant bullish movements.
If the support at $0.16 holds, a potential rally to $0.57 could occur. A break below this level may lead to a decline towards $0.06.
The current trading position aligns with the Fibonacci Retracement levels, specifically at the 0.786 level.
A breakdown could result in movement towards the 0.618 level, corresponding to the $0.06 target.
In the past day, Dogecoin has decreased over 8%, now priced at $0.16.

Dogecoin Price Chart