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Dogecoin (Doge) faces a critical moment on its long -term prices graph, according to the prominent cryptocurrency analyst Ali Martinez. The widely widespread graphic-originally shared via X and therefore dissected in a short film of YouTube-Mostra the trading of slats within an ascending parallel channel that has guided its price action since 2014. Now, the cryptocurrency inspired by the meme is preciously on a key support area which, if violated, could trigger a serious drop.
Dogecoin crash coming?
In the longtime model Martinez highlighted, every time Doge bounced from the lower limit of this ascending channel, it has risen towards the level of upper resistance. On the contrary, Doge has historically retired to the lower limit when he cannot break over the ceiling of the canal. This cycle has been repeated through the main maximums oscillated in the 2017-2018 and 2021 periods, among others, underlining how significant the lower trend line of the channel is to maintain the largest trend of doge.
Martinez’s graph also has multiple levels of retracing and extension of Fibonacci, providing information on historically significant prices. These important horizontal thresholds are 0.236 FIB (about $ 0.0068), 0.382 FIB (about $ 0.0159), 0.5 FIB (about $ 0.0316), $ 0.618 FIB (about $ 0.0625), 0.786 FIB (about $ 0.1652), 1.272 FIB (approximately $ 2.74) and 1.414 FIB (about $ 6.24). In particular, the area of about $ 0.16– $ 0.19 converges with the lower limit of the ascending canal and the highest end of the Fibonacci range near $ 0.1650.
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In his latest YouTube short film, Martinez warned that a decisive break below the support level of $ 0.19 could open the door for an accident to $ 0.015, which aligns with the FIB 0.382 retracing.
“Dogecoin could crash if he loses this level of support dogecoin has been exchanged within an ascending channel since 2014. Dogecoin tends to bounce from the lower support trend of this channel towards the trend line of the resistance upwards and from this dogecoin level tends to return to the lower support trend line and therefore bounces to repeat the entire cycle again. But now Dogecoin is in a critical point if it breaks the support level of $ 0.19 could trigger a correction at $ 0.015, “he said.
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A few days earlier, he noticed on X that until the lower limit of the $ 0.16 channel holds, Doge maintains the possibility of bouncing towards the average channel or even the upper trend line. “Doge remains inside an ascending parallel channel. Until the limit of less than $ 0.16 holds, a rebound towards the average channel at $ 2.74 or even the limit greater than $ 6.24 remains a probability! “Observed Martinez.
However, the bullish perspective depends on doge by preserving this vital support area. Any drop confirmed below $ 0.16– $ 0.19 would probably confirm a significant bearish movement, opening the way to the detailed corrective phase that Martinez describes. This scenario would revisit the price territory near $ 0.015, erasing dogecoin earnings has accumulated on several cycles.
At the time of the press, Doge exchanged $ 0.20.
First floor image created with Dall.e, graphic designer by tradingview.com