Dogecoin ($DOGE
) on the edge of the abyss. Ali Martinez recently shared some of his latest chart analyses, and it seems that the meme coin is currently testing the minimum of a symmetrical triangle pattern. This pattern has been developing since early February.
The pivotal level is $0.168. If Dogecoin's price falls below that, it could drop by as much as 30%, with low price targets down to $0.12 or even $0.093 based on Fibonacci extension levels.
After Dogecoin's price reached around $0.44 earlier this year, it experienced a slight decline, moving within a narrow range. The latest prices show Dogecoin trading at around $0.175, just above the lower trend line of the triangle and the important 78.6% Fibonacci retracement level at $0.181.
Why is the $0.168 price level so important? This is the last barrier before the price enters what many technical traders call the "void area" - a price area with little historical support.
If the bears push Dogecoin ($DOGE ) below this level, selling momentum could accelerate quickly, as previous buy offers are scarce down to the $0.13 to $0.12 range. Upon examining the numbers in more detail, you will find a possibility of it reaching $0.093, and even $0.078.
If Dogecoin ($DOGE ) holds and rebounds, resistance levels at $0.205 and $0.237 will be key points to watch. In the meantime, it is unlikely that the upward trend will continue unless Dogecoin breaks through the upper limit of the triangle, which has been preventing it from rising.
Dogecoin is struggling to get back on track, even as the rest of the cryptocurrency markets attempt to recover. With declining volatility and lower trading volume, the next move could be surprising and critical.
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