DOGE at a Pivotal Point: Analyst Highlights Critical Juncture in Meme Coin’s Price Action

In the ever-volatile world of cryptocurrencies, Dogecoin (DOGE) has once again captured the attention of traders and investors. A recent technical analysis by an expert has revealed that the meme coin could be at a make-or-break level, hinting at significant price movements in the near future. Here’s a closer look at the situation and what it means for DOGE holders.

Dogecoin At Make-or-Break Level: Analyst

An analyst has explained how Dogecoin could be at a critical juncture based on a technical analysis chart pattern. Dogecoin is currently retesting the lower bound of an Ascending Channel. This pattern appears when an asset trades between two parallel upwards sloping trendlines, with the upper line acting as resistance and the lower line as support. A break of either level could determine the future trend of the meme coin’s price.

Dogecoin Weekly Chart Indicates Bullish Breakout Potential

Dogecoin has extended its decline below $0.17 in the past 24 hours but is now flashing a bullish signal. A recent technical analysis on TradingView suggests Dogecoin is bouncing off the lower trendline of a multi-year descending triangle, potentially pushing it toward and above its 2021 all-time high. The analysis is based on the Dogecoin / Tether US pair on Binance and examines the meme coin’s price action on the weekly candlestick timeframe chart.

Dogecoin dips 16%, hits $0.16: Where will DOGE go next?

Dogecoin [DOGE] has seen a sharp 16% drop this week, bringing it to a crucial support level of $0.16. This level has previously acted as a robust floor during past corrections and is seen as critical for the memecoin’s price trajectory. If Doge breaks $0.16, it may drop to $0.06, but a rebound could spark a rally. Skeptics remind everyone of DOGE’s unpredictable nature, leaving investors to question whether this is just another dip before a moonshot or a sign of a greater dip to come.