Dogecoin’s Big Breakout Incoming? Analyst Calls To “Stay Alert”

An analyst has pointed out how a Dogecoin breakout could be coming, based on this technical pattern that the asset has followed over the ￰0￱ Is Currently Inside Accumulation Zone Of Long-Term Channel In a new post on X, analyst Ali Martinez has talked about how Dogecoin is still in the accumulation phase of a technical analysis (TA) ￰1￱ pattern in question is an “Ascending Channel,” a type of Parallel ￰2￱ Reading: Bitcoin Breaks $119,000: Analyst Says $139,000 Could Be Next Parallel Channels form when the price of an asset travels between two parallel ￰3￱ are a few different variations of the pattern, depending on how the trendlines are oriented with respect to the chart ￰4￱ Ascending Channel, the type that’s of interest in the context of the current discussion, involves trendlines that are sloped ￰5￱ is, these channels correspond to a phase of upward consolidation in an asset’s ￰6￱ upper line of the pattern tends to be a source of resistance, while the lower one is a source of ￰7￱ of these levels not holding up can imply a continuation of the trend in that ￰8￱ means that a surge above the channel could signal a bullish breakout, while a fall below it may lead to bearish action.

Now, here is the chart shared by Martinez that shows the Ascending Channel that the 1-week price of Dogecoin has followed over the past decade: As displayed in the above graph, Dogecoin slipped below the support line of the Ascending Channel earlier in the ￰9￱ fall, however, didn’t immediately confirm a bearish breakdown, as the memecoin has seen a few instances over its history where temporary declines below the line have taken ￰10￱ each of them, the coin ended up finding support in a zone bounded by the channel’s lower level and another parallel support line just some distance ￰11￱ the chart, it’s visible that this same pattern could be playing out once more, as the asset has stabilized since entering this historical “accumulation” ￰12￱ now, the coin is still trading inside this zone, but a surge back into the Ascending Channel could eventually arrive, if the past pattern is anything to go ￰13￱ of the previous returns into the channel led to notable gains for Dogecoin.

“The breakout is coming,” says the analyst. “Stay alert!” Related Reading: Bitcoin Short-Term Holder RVT Nears Cycle Lows: A Healthy Reset? Another altcoin, Chainlink (LINK), has also been following an Ascending Channel recently, as Martinez has pointed out in another X ￰14￱ is visible in the chart, Chainlink’s 3-day price is currently trading near the mid-line of its multi-year long Ascending ￰15￱ analyst believes a surge to $47 could be next for the coin, corresponding to the upper line of the ￰16￱ Price At the time of writing, Dogecoin is trading around $0.255, up more than 13% over the last ￰17￱ image from Dall-E, charts from ￰18￱