In an article on X Tuesday, the Crypto Ali Martinez analyst (@ali_charts) shared a long -term Dogecoin (Dogecoin) price highlighting a level of critical support which, if lost, could open the deals with a strong correction. Martinez identified $ 0.19 as a line in the sand. If the inspiration token even dives below this threshold, it arguments“The probability of a deeper correction to $ 0.06 increases considerably.”
Dogecoin crashes at $ 0.06 entering?
The weekly graphic – which returns in early 2014 – excludes Dogecoin trading within a large ascending canal. The solid black trend lines reinforce most of the action of the prices of the first Doge sub-penny assessments at the top entirely entirely $ 0.73 in 2021. Dotted lines operating parallel to these trend lines seem to act as Guides half-channel, capturing smaller rampage inside inside the larger market cycles of Dogecoin.
In particular, DOGE has spent prolonged periods to move laterally in the lower beach of this channel, only to explode strongly when it has tested the upper limits. When Martinez displayed the graph, Dogecoin was seen oscillating at around $ 0.225, just above a key horizontal support region in the graph.
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Fibonacci levels are superimposed on the channel derived from long -term Dogecoin long -term price history. The FIB retracement of 0.786 – community as a support for completion in Deeper corrections—Seems to line up nearly $ 0.1978, very close to the level of $ 0.19 on underlines Martinez.
Below $ 0.19, the graph shows few immediate technical cushions up to about $ 0.13, which aligns the lower part of the upward channel for several years. Under this, the price of $ 0.06 appears to be the most important targetPotentially corresponding to a key historical congestion area and aligning with the lower part of the upward channel of several years.
Other fibonacci levels visible on the graph appear the FIB of 0.618 almost $ 0.05, 0.5 FIB almost $ 0.03, 0.382 FIB almost $ 0.015 and 0.236 FIB almost $ 0.0059. Although these lower FIB lines are not all at stake, they help map the historic support / resistance areas of Doge in the event of extended 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 can appear distantly given the current market conditions, such extensions on a long-term graph can be used as reference points if Dogecoin had to find a strong bullish dynamic and climb to new peaks in cycles future market.
For the moment, all eyes are on $ 0.19 as a crucial inflection point of Dogecoin. If Doge keeps above this level, it can preserve its place in the beach halfway through the ascending canal. However, as Ali Martinez warns, a violation of $ 0.19 could intensify the downward pressure and potentially adjust Dogecoin on a lane around $ 0.06.
At the time of the press, DOGE exchanged $ 0.206.
Star image created with dall.e, tradingView.com graphic