Dogecoin: The Ascending Channel Challenge is About to Break Through
Dogecoin may be at a critical breakthrough point; if the monthly closing price of Dogecoin breaks through the important threshold of $0.20, it may pave the way for a retest of the historical high of $0.74.
Technical Form of Ascending Channel
The current price trend of Dogecoin shows an 'ascending channel' pattern, which is a typical parallel channel where asset prices usually fluctuate between two parallel trend lines. In this pattern, the upper track may act as resistance, while the lower track provides support.
Dogecoin has recently approached the lower track of the channel and has formed oscillations in this area. If the price can break through the lower track and sustain a rebound, it will help confirm that its trend has returned to the ascending channel, thereby driving the price upward.
Fibonacci Retracement and Historical Highs
The 0.786 Fibonacci retracement level is located around $0.20, while the higher 1.000 retracement level is close to the historical high of $0.74. After breaking through $0.20, Dogecoin is expected to rise all the way to challenge its all-time high.
As of the time of writing, the trading price of Dogecoin is $0.17, having risen more than 9% over the past week. This strong upward momentum suggests that if it breaks through key price levels, DOGE may experience greater upward potential.
