Dogecoin (DOGE) is at a significant crossroad, facing a potential decline if it breaches its crucial support zone around $0.19. According to renowned crypto analyst Ali Martinez, DOGE's price trend within an ascending parallel channel since 2014 is on shaky ground.
Martinez, in his recent analysis shared through social media, illustrates how DOGE's price action is influenced by the channel's boundaries. Historically, the lower trendline has been a strong support, guiding DOGE's upward movement. A failure to hold this threshold could see the cryptocurrency plunge.
Various Fibonacci retracement levels mark important price points, with the $0.015 level aligning with the 0.382 Fib retracement. Currently, DOGE is trading at $0.20, but any drop below $0.19 could trigger a decline to $0.015, as noted by Martinez.
While bullish potential exists if DOGE maintains above the $0.16 support, breaking below this marks a serious bearish shift, undoing years of gains.
