TLDR
- Crypto analyst Ali identifies Dogecoin trading above a decade-long ascending channel, suggesting potential for upward movement
- From its 2020 low of $0.00134, Dogecoin has shown consistent upward momentum, reaching an all-time high of $0.73905 in 2021
- Currently trading near $0.25, Dogecoin sits above the channel’s lower boundary but below a key trendline that has historically preceded major price movements
- Fibonacci analysis points to potential future targets, with the most optimistic scenario suggesting levels near $4.10
- Technical analysis shows DOGE must maintain position above $0.19 to preserve bullish structure
A detailed technical analysis published by crypto analyst Ali (@ali_charts) has revealed that Dogecoin (DOGE) continues to trade above a key ascending channel that dates back to early 2014. The analysis, shared on TradingView, demonstrates how the cryptocurrency has maintained this upward trajectory for more than ten years.
The cryptocurrency, currently trading at approximately $0.25, shows adherence to a clearly defined price channel bounded by two primary trend lines. This channel has guided DOGE’s price action through multiple market cycles, providing both support during downturns and resistance during upward movements.
Looking back at Dogecoin’s price history, the analysis identifies several key price points. In 2014, DOGE traded below $0.00017, showing its humble beginnings. The cryptocurrency later experienced a notable low in March 2020, touching $0.00134, which serves as the 0% Fibonacci reference point in the technical analysis.
The period following March 2020 marked the beginning of a gentle uptrend for Dogecoin. This movement gained momentum through several distinct phases, including price spikes in 2017-2018 and a notable run in mid-2019.
The most remarkable price action occurred in 2021 when DOGE reached its all-time high of approximately $0.73905. This peak represented a massive return for early investors and demonstrated the potential for price expansion within the established channel.
After reaching its peak, DOGE experienced a retracement and found support near $0.06654, a level that corresponds to the 0.618 Fibonacci retracement. This price point proved crucial during the 2022 bear market, acting as a strong support level.
The cryptocurrency later showed renewed strength, pushing above the 0.786 Fibonacci level at approximately $0.19183. This level coincided with the midpoint of the lower ascending channel, adding technical weight to its importance as a support zone.
Recent price action shows DOGE maintaining its position above the channel’s lower boundary while remaining below a dashed lower trendline. This trendline has historically served as a reference point for major breakouts in DOGE’s price action.
Technical data reveals that DOGE faced rejection at this trendline twice in recent months – once in April 2024 near $0.23 and again in December 2024 around $0.48. The current price action suggests a successful retest of the $0.23 level, potentially setting up for the next move higher.
The analysis includes multiple Fibonacci levels that have proven relevant throughout Dogecoin’s trading history. The 0.618 retracement level at $0.06654 and the 0.786 mark near $0.19183 have both served as important technical reference points.
Looking ahead, the analysis identifies several potential Fibonacci extension targets. These include the 1.272 extension near $4.10, the 1.414 extension at approximately $10.04, and the 1.618 extension close to $36.32.
The technical structure suggests that DOGE needs to maintain its position above $0.19 to preserve its bullish outlook. A drop below this level could lead to a test of the lower channel boundary or potentially break the decade-long pattern.
Historical data shows that periods of price action around the channel’s dashed lines have often preceded major directional moves. The current positioning of DOGE relative to these lines suggests the potential for another substantial price movement.
The analysis indicates that a break above the lower dashed line, currently situated near $0.50, could trigger Dogecoin’s next major upward move. This level represents a key technical threshold for traders and investors watching the cryptocurrency.
According to the latest data, DOGE continues to trade above the upper boundary of the primary channel, suggesting the potential for another expansion phase in line with its historical pattern.
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