So, folks, gather ’round! An analyst has bravely declared that Dogecoin must hold its ground above this level, or it might just take a nosedive of 30%! Yikes! 😱
Dogecoin: Trapped in a Triangle! 🎭
In a shocking twist, analyst Ali Martinez has shared a chart on X that reveals Dogecoin’s current predicament from a technical analysis (TA) perspective. Below is the graph that shows the memecoin’s 1-day price trend. Spoiler alert: it’s not a pretty sight!
As you can see, Dogecoin has been dancing inside a triangular channel for the last few months. And not just any triangle, folks! We’re talking about the fancy, shmancy Symmetrical Triangle! 🎉
This Symmetrical Triangle forms when an asset decides to play it safe, consolidating between two trendlines that are converging like two old friends at a reunion. The upper line tracks lower highs, while the lower one tracks higher lows. It’s like a game of limbo, but with money! 💸
As the asset shimmies inside this channel, its range gets tighter and tighter until it’s practically begging for a breakout! And when that happens, hold onto your wallets, because volatility is coming! 💥
Breakouts from this triangle can signal a continuation of the trend. So, if Dogecoin breaks above, it’s party time! But if it drops below, well, let’s just say it’s time to panic! 😬
According to the chart, Dogecoin is nearing the end of this triangle, which could mean a breakout is just around the corner. Right now, it’s retesting the lower line, so will it hold? Or is this the moment it decides to break up with us? 💔
Unlike its cousins, the Ascending and Descending Triangles, breakouts in a Symmetrical Triangle are like flipping a coin—equally likely to go either way! So, even if Dogecoin is flirting with the lower level, a rebound and breakout from the upper line could still happen. It’s like a romantic comedy, folks! 🎬
But beware! If a bearish breakout occurs, things could get dicey for DOGE, especially since there’s another critical level nearby. The level in question is around $0.168, which corresponds to the 0.786 Fibonacci Retracement level. Yes, Fibonacci is back, and he’s not happy! 📉
“Dogecoin $DOGE must hold above $0.168 to avoid a 30% price drop!” warns our brave analyst. Sounds like a cliffhanger, doesn’t it? 🎢
DOGE Price Update 🤑
As of now, Dogecoin is trading around $0.177, down over 4% in the last week. So, grab your popcorn and stay tuned! 🍿
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2025-06-17 04:18