Next Dogecoin Stop Could Be $0.33 If This Level Holds, Analyst Says

An analyst has pointed out how Dogecoin could see a strong surge if the support level of this technical analysis (TA) pattern ￰0￱ Is Retesting The Support Line Of An Ascending Channel In a new post on X, analyst Ali Martinez has shared a pattern forming in Dogecoin’s 12-hour price ￰1￱ pattern in question is an Ascending Channel from TA, a type of Parallel ￰2￱ Reading: Newbie Bitcoin Whales Now Control 44% Of Realized Cap, Highest Ever Parallel Channels form whenever an asset’s price observes consolidation between two parallel ￰3￱ upper line of the pattern provides resistance, while the lower one acts as ￰4￱ these trendlines are sloped upward, the Parallel Channel is known as an Ascending ￰5￱ the asset moves through this channel, its price observes some net ￰6￱ trendline not holding up can naturally result in a breakout in that ￰7￱ means that a surge above the channel can be a bullish signal, while a drop under it a bearish ￰8￱ the Ascending Channel, there is also a Parallel Channel known as the Descending Channel, emerging when the price witnesses net consolidation to a downside.

Now, here is the chart shared by Martinez that shows the Ascending Channel that the 12-hour price of Dogecoin has been moving inside for the past few months: As displayed in the above graph, Dogecoin retested the upper level of the Ascending Channel in September and it ended up finding ￰9￱ then, the memecoin has plummeted back toward the lower level situated around $0.19. “$0.19 is mission-critical for DOGE,” noted the ￰10￱ mentioned before, breakdown of an Ascending Channel support level can signal a bearish ￰11￱ the event that the support level does end up holding, Dogecoin could see a ￰12￱ has said that the next stop for the memecoin in this scenario could be $0.33, corresponding to the resistance level of the Ascending ￰13￱ now remains to be seen how the DOGE price will develop in the coming ￰14￱ Reading: Bitcoin Retests STH Cost Basis Again: Is This Where Support Flips?

Earlier, the analyst also shared a chart for another altcoin trading inside a Parallel Channel: ￰15￱ this case, the 12-hour price of the cryptocurrency is following a Parallel Channel with trendlines parallel to the ￰16￱ the graph, it’s visible that XRP has been plunging inside the channel recently and could be heading toward a retest of the lower level, which is situated at $2. DOGE Price At the time of writing, Dogecoin is floating around $0.187, down 24% in the last seven ￰17￱ image from Dall-E, charts from ￰18￱