DOGE News: Potential Parabolic Run for Dogecoin if Support Holds

In the world of cryptocurrencies, Dogecoin (DOGE) has once again captured the attention of investors and analysts. A recent analysis has revealed an Ascending Channel pattern in DOGE’s 1-week price chart, hinting at a potential parabolic run if the support level holds. Here’s a closer look at what this means for the future of Dogecoin.

Dogecoin Potential Parabolic Run if Support Holds

An analyst has shared a long-term Ascending Channel pattern that Dogecoin’s 1-week price has been trading inside over the years. The Ascending Channel is a technical analysis pattern that forms when an asset’s price consolidates towards a net upside between two parallel trendlines. The upper line connects successive higher highs, while the lower line joins higher lows. The price is likely to face resistance at the upper level and support at the lower one. If the support level holds, Dogecoin could still have a chance at a parabolic run.

Dogecoin’s Pullback May Be Nearing Its End

Since the beginning of this year, Dogecoin has been riding the bearish wave, dropping from its yearly high of $0.48 to as low as $0.15. The persistent descent highlights the volatile nature of the cryptocurrency market. However, analysts identify developments that signal a possible price reversal. Dogecoin’s recent price action shows signs of stabilization, indicating a potential rebound.

Elon Musk’s D.O.G.E Fails to Cut Government Spending

Since Donald Trump’s second term began on January 21, 2025, and Elon Musk was put in charge of federal budget cuts, government spending has increased compared to the same periods in 2023 and 2024. Adjusting for inflation, spending remains higher than the previous year. D.O.G.E, Musk’s initiative to slash government waste and end reckless spending, has not delivered savings despite weeks of cuts, contract cancellations, and chaos. In fact, the only change has been job losses.