Ali Martinez weighed in on the situation around the Dogecoin price after it ended Monday with being 2% up in the last 24 hours and now at around $0.15.
According to Martinez’s analysis shared on Twitter, Dogecoin has broken down from a key technical structure that has supported its price since 2022. His logarithmic weekly chart shows DOGE breaking below an ascending parallel channel that had guided the cryptocurrency’s recovery trend for over two years.
“DOGE is breaking out of an ascending parallel channel, signaling a potential move toward $0.060!” Martinez noted in his tweet.
The current DOGE price of approximately $0.145 sits just below the critical 0.786 Fibonacci retracement level of $0.16395, which had been functioning as support. This level is drawn from DOGE’s 2021 high near $0.69 down to its bottom around $0.0017.
The breakdown from this channel is considered bearish since the structure had served as a rising support floor throughout DOGE’s recovery. With multiple weekly candles now closing below this channel, the technical picture has deteriorated significantly.
#Dogecoin $DOGE is breaking out of an ascending parallel channel, signaling a potential move toward $0.060! pic.twitter.com/p4nclPILNr
— Ali (@ali_charts) April 7, 2025
Historical Context and DOGE Price Target
Martinez’s $0.060 target aligns precisely with the 0.618 Fibonacci retracement level at $0.06167, which typically acts as a strong support during bearish reversals. If reached, this would represent nearly a 60% decline from recent highs.
Looking back, Dogecoin shot up quickly in 2021 before falling back down. Then it stayed mostly between $0.05 and $0.10 during 2022 and 2023. Recently, Dogecoin tried to climb above $0.20, but this turned out to be false hope as the price couldn’t stay above the important trend line.
Even though a move to $0.06 would still keep DOGE within its longer-term bullish structure (remaining above its 2022-2023 consolidation zone), such a decline would represent a major correction in the short to medium term.
For Dogecoin holders, this technical breakdown serves as a warning sign that the biggest meme coin could face huge downward pressure unless it quickly reclaims its position within the ascending channel.
Read also: Which Crypto to Buy on the Dip? These Altcoins Look Seriously Undervalued Right Now!
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