![\"Dogecoin](\"https:\/\/pbs.twimg.com\/media\/Gnj3BiyWkAEdZUQ?format=jpg&name=4096x4096\")
<\/p>\nAn analyst has explained how Dogecoin could be at a make-or-break level right now based on a technical analysis (TA) chart pattern.<\/p>\n
In a new TA pattern potentially forming in the meme coin’s 1-week price chart. The pattern in question is an Ascending Channel, which appears when an asset trades between two parallel trendlines slopped upwards.<\/p>\n
As the price curve moves inside the channel, it observes consolidation toward the upside. The upper line of the pattern acts as a ceiling, providing resistance when the asset retests it. Similarly, the lower line acts as a point of support.<\/p>\n
In the scenario that one of these levels breaks, the price can see a continuation of the trend in that direction. That is, a surge above the channel can be a bullish signal, while a drop under it is a bearish one.<\/p>\n
Now, here is the chart posted by the analyst displaying the Ascending Channel that the weekly Dogecoin price has been traveling inside for the last few years:<\/p>\n
As is visible in the above graph, the 1-week price of Dogecoin has recently witnessed a plunge to the support level of this multi-year Ascending Channel, situated around $0.16.<\/p>\n
The last time that the meme coin retested this line was last year and back then, the coin was able to find a successful bottom, which launched its price into a bull rally. Given this trend, the latest retest of the line could also prove to be crucial for the cryptocurrency, with the analyst even tagging the level as a ‘make-or-break’ one.<\/p>\n
As for the potential scenarios that this retest can lead to, the analyst has noted, “if $0.16 holds, a rally to $0.57 could follow. If it fails, a drop to $0.06 becomes likely.”<\/p>\n
These targets are based on the Fibonacci Retracement levels, which are lines that correspond to important ratios from the popular Fibonacci series. Fibonacci Retracement levels are taken from a specific price top, with the point of the top corresponding to the 1 level.<\/p>\n
From the chart, it’s visible that DOGE is currently trading almost exactly at the 0.786 level, making the asset’s current retest have another layer of significance. A breakdown could send the coin to the next retracement level, 0.618, which corresponds to the $0.06 target that the analyst has given.<\/p>\n
Similarly, a surge upward could help Dogecoin touch the higher 1 level, situated around $0.57. It now remains to be seen how the memecoin’s retest would go.<\/p>\n
Dogecoin has had a bearish past day as it has dropped to $0.16 following a drawdown of more than 8%.<\/p>\n
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An analyst has explained how Dogecoin could be at a make-or-break level right now based on a technical analysis (TA) chart pattern. Dogecoin Is Retesting The Lower Bound Of An Ascending Channel In a new TA pattern potentially forming in the meme coin’s 1-week price chart. The pattern in question is an Ascending Channel, which…<\/p>\n","protected":false},"author":1,"featured_media":3888,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[63,65,1862,66],"class_list":["post-3887","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dogecoin","tag-doge","tag-dogecoin","tag-dogecoin-ascending-channel","tag-dogeusdt"],"_links":{"self":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/3887","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/comments?post=3887"}],"version-history":[{"count":0,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/3887\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media\/3888"}],"wp:attachment":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media?parent=3887"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/categories?post=3887"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/tags?post=3887"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}