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Breaking News: Canary Capital's CEO Confirms Spot Hedera And Litecoin ETFs Will Begin Trading Tomorrow

Next Dogecoin Stop Could Be $0.33 If This Level Holds, Analyst Says

Keshav Verma
Keshav Verma
1 week ago
2 mins read
Dogecoin

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An analyst has pointed out how Dogecoin could see a strong surge if the support level of this technical analysis (TA) pattern holds.

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.

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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.

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.

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.

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.

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:

Dogecoin Ascending Channel
The 12-hour price of the coin seems to have dropped toward the lower level of the channel | Source: @ali_charts on X

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.

“$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.

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.

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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.

XRP Parallel Channel
The Parallel Channel that the 12-hour price of XRP has been following for the past year | Source: @ali_charts on X

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.

DOGE Price

At the time of writing, Dogecoin is floating around $0.187, down 24% in the last seven days.

Dogecoin Price Chart
The trend in the price of the coin over the last five days | Source: DOGEUSDT on TradingView
Featured image from Dall-E, charts from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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