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In a message on X on Tuesday, crypto analyst Ali Martinez (@ali_charts) shared a long -term dogecoin (doge) price card that emphasized a critical level of support that, if lost, the door could open for a steep correction. Martinez gave $ 0.19 as the line in the sand. Was the token dip inspired by Meme under this threshold, he, he to claim“The chance of a deeper correction to $ 0.06 increases considerably.”
Dogecoin crashes up to $ 0.06 incoming?
The weekly graph – which extends until the beginning of 2014 – describes Dogecoin trade within a wide rising channel. Solid black trend lines enclose most of the price action of doge’s earliest sub -penny ratings to the all -time high of around $ 0.73 in 2021. Dotted lines that run parallel to these trend lines seem to act as mid -channel guides, Where smaller fluctuations are recorded inside. Dogecoin’s larger market cycles.
In particular, Dog long -term periods has worked on silence the lower range of this channel, only to break out sharply when it has tested the upper borders. When Martinez placed the graph, Dogecoin was seen who floated around $ 0.225, just above an important horizontal support region in the graph.
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Overlay on the channel are extensive Fibonacci levels derived from Dogecoin’s long -term price history. The 0.786 FIB racement -often seen as a make -or -supporting support in deeper corrections -seems to be line in the vicinity of $ 0.1978, very close to the marked Martinez of $ 0.19.
Under $ 0.19 the graph shows few immediate technical pillows up to around $ 0.13, which corresponds to the lower part of the rising channel of several years. This includes the price point of $ 0.06 as the most prominent downward target, which may correspond to an important historical congestion area and in accordance with the lower part of the multi -year -old rising channel.
Among the other Fibonacci levels that are visible on the graph are the 0.618 FIB near $ 0.05, 0.5 FIB near $ 0.03, 0.382 FIB near $ 0.015 and 0.236 FIB near $ 0.0059. Although these lower FIB lines do not all come into play, they help map the historical support/resistance zones of Doge in the event of an extensive sale.
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The graph also shows higher FIB extension levels such as 1,272 (approximately $ 4.10), 1.414 (approximately $ 10.04) and 1,618 (approximately $ 36.32). Although these may seem, such extensions on a long -term graph may have been provided in view of the current market conditions as reference points such as Dogecoin would regain a strong bullish momentum and climb to new heights in future market cycles.
For now, all eyes are at $ 0.19 as the crucial bending point of Dogecoin. If Doge retains above this level, it can retain its place in the middle of the rising channel. However, as Ali Martinez warns, an infringement at $ 0.19 could intensify the downward pressure and possibly put Dogecoin on a path to $ 0.06.
At the time of the press, Doge traded at $ 0.206.
Featured image made with dall.e, graph of tradingview.com