As Dogecoin battles to hold its bullish stance, a well-known crypto analyst is sounding a strong warning. Ali Martinez, a prominent figure in the trading space, has cautioned that DOGE could suffer a steep 30% correction if it fails to remain above the crucial $0.168 support level.
In a recent technical update shared on X (formerly Twitter), Martinez pointed to a Symmetrical Triangle pattern developing on DOGE’s daily chart—an indicator often linked to sharp market movements.
“According to forecasts, the average price will be $6.94 in 2026, $10.89 in 2027, and maybe $24.16 by 2030!” he warned.
A Symmetrical Triangle emerges when an asset’s price fluctuates between two converging trendlines—one marking lower highs and the other capturing higher lows. As this pattern tightens, the trading range contracts, often signaling an impending volatile breakout.
Dogecoin has remained in this consolidation zone for several months. Based on Martinez’s technical chart, the memecoin is now approaching the triangle’s apex—a key point where a sharp move in either direction becomes highly probable.
Unlike ascending or descending triangle patterns that carry directional bias, a symmetrical triangle remains neutral, implying that DOGE could either surge or plunge sharply depending on the breakout’s direction.
Dogecoin is currently hovering close to the lower portion of its symmetrical triangular pattern. Should this support fail, the breakdown could intensify rapidly—especially given the presence of the 0.786 Fibonacci retracement level around $0.168, a zone often viewed as a critical technical and psychological barrier.
A mainstay of technical analysis, Fibonacci retracement levels assist traders in identifying probable support and resistance zones.
A clear move below $0.168 would not only breach this key level but also invalidate the triangle formation, potentially opening the door for a 30% decline, as warned by Martinez.
At the time of writing, Dogecoin is trading near $0.177, marking a weekly drop of over 4%. With market sentiment remaining cautious, traders are closely monitoring whether DOGE can bounce off its current support or yield to growing bearish pressure.
Reviving bullish momentum and opening the door for additional gains might be achieved via a rebound and breakout over the triangle’s upper border. Until then, the focus stays firmly on the $0.168 level, which continues to act as a critical point of decision in the near term.
For now, DOGE investors should prepare for heightened market volatility. As the Symmetrical Triangle pattern approaches its breakout point, a decisive move—upward or downward—seems increasingly likely. The direction Dogecoin takes will likely hinge on overall market sentiment and Bitcoin’s price trajectory.
With the pattern offering no strong directional bias, the coming trading sessions will be critical in shaping DOGE’s short-term path. Martinez’s caution highlights the importance of monitoring technical patterns, as symmetrical triangles often precede significant price swings. Traders are advised to stay alert and adjust their strategies accordingly.
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