Can Dogecoin break through its historical peak? At a critical moment, the monthly close may become a breakthrough signal!

Dogecoin is standing at a key technical analysis juncture. If the monthly closing price breaks a certain level, it could pave the way for a renewed challenge to its all-time high (ATH). Analyst Ali Martinez pointed out that Dogecoin is currently trading at the lower end of an ascending channel, a pattern that suggests a significant price movement may be imminent.

An 'ascending channel' is a pattern where an asset's price fluctuates between two parallel trend lines. A breakout above the upper line represents strong upward movement, while the lower line serves as a support line. Currently, Dogecoin's price is close to the lower line, and if it fails to hold this support level, it may face greater downside risks. However, if it can rebound and break through, Dogecoin is expected to restore its upward trend and head towards historical highs.

It is worth noting that the 0.786 Fibonacci retracement level (approximately $0.20) coincides with the lower line of the ascending channel, indicating that if the price breaks through this area, a new wave of upward movement may follow. The next important target is the historical high of $0.74. In the coming days, whether Dogecoin can break through this key level will determine if it can reignite market enthusiasm and sprint towards new highs!