Dogecoin Can Still Go Parabolic If This Support Holds, Analyst Says
One analyst explained that if the support level of this model ends up maintaining holdings, Dogecoin may still have a chance to go parabola.
Dogecoin is retesting the lower limit of the ascending channel
In the new postal On X, analyst Ali Martinez shared a long-term uptrend where the 1-week price of domycin has been traded internally for years. this”Upgrade channel“Here is a pattern Technical Analysis (TA) This forms this when the asset’s price observes the merger of the net upper edge between two parallel trend lines.
The upper line of the channel is drawn by connecting consecutive higher high points. Similarly, lower people join higher lows. When the price moves between these two lines, it is likely to face resistance at the previous level and support it with the latter.
In the case of a break in resistance or support line, the asset may see a continuation of the direction of the burst trend. This means that escaping above the channel can be bullish, while the drop below may be bearish.
Like an up channel Descending ChannelThis happens when the merger of assets occurs in terms of net disadvantages. But apart from this fact, the latter function is similar to the former.
There is also a third parallel channel, where integration happens to be the side. In this case, the trend lines are not only parallel to each other, but also to the timeline.
Now, here is the chart shared by Martinez, which shows the rising channel, that the weekly price of Dogecoin seems to have been sticking to the past decade:
As can be seen in the above picture, Dogecoin’s 1-week price has recently observed a sharp drop in the bottom line of the upward channel. Memecoin also retested last year, which turned out to be successful and helped its price gains.
This line may end up being held for Doge again, but it’s too early to consider that the last retested coins moved along the line for a while.
The latest retest of the line happened after the crash that allowed assets to sweep the cryptocurrency space and instill fear in the hearts of investors. However, as long as Doge stays within the rising channel, not all hopes may lose Memecoin holders. As the analyst said: “If the support level of $0.16 remains, Dogecoin $Doge still has a chance to go to parabolic parasitic!”
Door price
Dogecoin has been one of the industry’s worst top coins over the past week as its price dropped by nearly 17% to $0.17.
