Cryptocurrency analyst Ali Martinez expresses concerns for Dogecoin's future if it fails to maintain above the key support level of $0.168.
Symmetrical Triangle and Its Significance
In a recent technical analysis, Ali Martinez highlighted the formation of a Symmetrical Triangle on Dogecoin’s daily chart, which often precedes significant price swings. This pattern emerges when an asset consolidates between two converging trendlines, one outlining lower highs and the other forming higher lows.
Critical Level $0.168
Dogecoin is currently testing the lower boundary of this triangle pattern. A breakdown below this level could accelerate declines, particularly given the proximity of a key Fibonacci retracement level—specifically, the 0.786 level near $0.168. A clean break below this level could invalidate the triangle and set the stage for a potential 30% drop.
What’s Next for Dogecoin?
Currently, Dogecoin is trading at approximately $0.177, reflecting a decline of more than 4% over the past week. Traders are closely monitoring whether Dogecoin can rebound from support or succumb to bearish momentum. The next few days are expected to be pivotal for Dogecoin’s short-term outlook.
Ali Martinez's warnings highlight the importance of the $0.168 level for Dogecoin. The future of the meme coin depends largely on market sentiment and Bitcoin's price movement.
