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DOGECOIN (DOGE) faces a critical joint on its long -term price table, according to an eminent cryptography analyst Ali Martinez. The widely broadcast graph – shared originally via x then dissected In a youtube short film – the Doges exchange in a ascending parallel channel This has guided its price action since 2014. Now, the cryptocurrency inspired by the same is precariously above a key support area which, if raped, could trigger a serious decline.
Dogecoin crashes entering?
In the long -standing model, Martinez has highlighted, each time Doge rebounded on the lower limit of this ascending channel, it climbed towards the higher resistance level. Conversely, DOGE has historically fell towards the lower limit when it does not break above the canal ceiling. This cycle was repeated thanks to major major swing during periods 2017-2018 and 2021, among others, stressing the importance of the canal’s lower trend line to maintain the wider rise of Doge.
Martinez’s graph also offers several levels of overlap and succession of Fibonacci, providing an overview of historically important prices. These significant horizontal thresholds are 0.236 FIB (approximately $ 0.0068), 0.382 FIB (approximately $ 0.0159), 0.5 FIB (approximately 0.0316 $), 0.618 FIB (approximately 0.0625 $), 0.786 FIB (approximately 0.1652 $). In particular, the area of ​​approximately $ 0.16 to $ 0.19 converges with the lower limit of the ascending canal and the upper end of the Fibonacci range almost $ 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 to an accident to $ 0.015, which aligns with the FIB retracement of 0.382.
“Dogecoin could crash if it loses this level of support that Dogchenoin has been negotiated inside an ascending channel since 2014. Dogecoin tends bounce From the lower support line of this channel to the line of upward resistance trend and from this level, Dogecoin tends to return to the lower support trend line, then it bounces again by repeating the whole cycle. But now Dogecoin is at a critical point if he breaks the level of support of $ 0.19, he could trigger a correction at $ 0.015, “he said.
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A few days earlier, he note On X, as long as the lower limit of the canal at $ 0.16 holds, Doge maintains a chance to bounce towards the average channel or even the higher trend line. “Doge remains in an upward parallel channel. As long as the limit of $ 0.16 holds, a rebound to the average channel at $ 2.74 or even the limit greater than $ 6.24 remains a probability! Martinez pointed out.
However, the upward perspectives are based on Doge while preserving this vital support area. Any drop confirmed below $ 0.16 to $ 0.19 would likely confirm a bass changeopening the way to the steep corrective phase that Martinez describes. Such a scenario would revisit the price territory nearly $ 0.015, the erasure of Dogecoin gains has accumulated on several cycles.
At the time of the press, DOGE exchanged $ 0.20.
Star image created with dall.e, tradingView.com graphic
