An 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 post<\/a> on X, analyst Ali Martinez has shared a TA<\/a> pattern potentially forming in the meme coin\u2019s 1-week price chart. The pattern in question is an Ascending Channel<\/a>, 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 \u2018make-or-break\u2019 one.<\/p>\n As for the potential scenarios that this retest can lead to, the analyst has noted, \u201cif $0.16 holds, a rally to $0.57 could follow. If it fails, a drop to $0.06 becomes likely.\u201d<\/p>\n