Amid the ever-changing landscape of the crypto market, a 'veteran influencer' Dogecoin ($DOGE) has caught the attention of analysts again.
Recently, well-known crypto analyst Ali Martinez released a significant viewpoint: as long as DOGE closes above $0.20 this month, it could surge back to its historical high of $0.74!
So the question is — does this 'dog' really have a chance? Let's keep looking down 👇
📊 Is DOGE struggling at a critical technical level?
Martinez shared an important pattern in Dogecoin's monthly chart: an ascending channel. Simply put, the price has been oscillating within an upward-sloping 'channel' for the past few years, with the upper line as resistance and the lower line as support.
Now the question arises: DOGE is very close to the lower support line of this channel; if it cannot hold, it may break down; but if it successfully rebounds, it could very likely return to the upward channel and continue to rise! 💥
💡 Dual key points: Ascending channel + Fibonacci retracement
Interestingly, this lower support level coincides exactly with the Fibonacci 0.786 retracement level — approximately around $0.20.
This is like two key technical points overlapping; once a breakout occurs, it not only signals clearly but also carries significant meaning!
If the breakout is successful, the next technical target is the Fibonacci 1.0 retracement level, corresponding to DOGE's historical high: $0.74! 👀
🐶 What is the current price of DOGE?
Currently, the price of DOGE is around $0.17, having risen over 9% in the past week, with many savvy investors already positioning themselves early.
📌 In summary:
$0.20 is the 'watershed moment' for Dogecoin!
Once the breakout is successful, DOGE might 'woof' its way to the moon!
