Dogecoin’s $0.33 Dream? Analysts Say It’s All In The Channel! 💸🐕

by

An analyst, presumably with a straight face, claims Dogecoin might surge if this “technical analysis” thing doesn’t crash and burn. 🤯

Dogecoin 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 chart. The pattern in question is an Ascending Channel from TA, a type of Parallel Channel. Because nothing says “confidence” like a sloped line. 📈

Parallel Channels form whenever an asset’s price observes consolidation between two parallel trendlines. The upper line of the pattern provides resistance, while the lower one acts as support. Because nothing says “trust me” like a wall of resistance. 🛑

When these trendlines are sloped upward, the Parallel Channel is known as an Ascending Channel. As the asset moves through this channel, its price observes some net growth. Or a very dramatic cliffhanger. 🎬

Either trendline not holding up can naturally result in a breakout in that direction. This means that a surge above the channel can be a bullish signal, while a drop under it a bearish one. Because the market is just a giant game of “what if?” 🤔

Like the Ascending Channel, there is also a Parallel Channel known as the Descending Channel, emerging when the price witnesses net consolidation to a downside. Because the market loves a good downward spiral. 📉

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 rejection. Since then, the memecoin has plummeted back toward the lower level situated around $0.19. Because the market is a cruel mistress. 😈

“$0.19 is mission-critical for DOGE,” noted the analyst. As mentioned before, breakdown of an Ascending Channel support level can signal a bearish continuation. Or a very sad dog. 🐶

In the event that the support level does end up holding, Dogecoin could see a rebound. Martinez has said that the next stop for the memecoin in this scenario could be $0.33, corresponding to the resistance level of the Ascending Channel. It now remains to be seen how the DOGE price will develop in the coming days. Because the future is uncertain… and so is Dogecoin. 🤷‍♂️

Earlier, the analyst also shared a chart for another altcoin trading inside a Parallel Channel: XRP. In this case, the 12-hour price of the cryptocurrency is following a Parallel Channel with trendlines parallel to the time-axis. Because even time has a bias. ⏳

From 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. Because XRP is a rollercoaster with no seatbelt. 🎢

DOGE Price

At the time of writing, Dogecoin is floating around $0.187, down 24% in the last seven days. Because nothing says “investment” like a 24% drop. 📉

Read More

2025-10-17 10:00