Dogecoin Could See Big Gains if It Holds This Key Level, Says Analyst
An analyst recently explained that Dogecoin (DOGE) could experience a significant price increase if it manages to stay above a key support level.
What’s Happening With Dogecoin?
Dogecoin is currently testing the lower part of an “Ascending Channel,” which is a common pattern in technical analysis. This pattern happens when the price moves within two parallel lines: one acting as resistance (the top) and the other as support (the bottom).
If the price stays above the lower line, it could continue moving upward. If it falls below that line, it could signal a price drop.
In this case, the lower line is around $0.16. The last time Dogecoin tested this level in late 2024, it found support and bounced back. The analyst believes that if Dogecoin holds this level and bounces, it could rise to $2, which is near the middle of the channel.
However, it’s not guaranteed that the price will stay above this level. If the support breaks, the price could drop further.
Current Price
Right now, Dogecoin is priced around $0.176, which is down by more than 20% in the past week.
