Dogecoin has Continued sales printingloses the support level of $ 0.17 over the past 24 hours. This price decline will come In the middle of a wider market decayWho has seen the MEME coin also struggle to regain speed. Despite this setback, a new technical analysis from Trader Tardigrade shows that Dogge remains within a historically significant macro channel. If the price holds within this range it may indicate that The bottom has already been formed, Setting the stage for a significant breakout in the coming months.
Dogecoin’s price action and the macro channel
According to a detailed technical analysis of Dogecoin’s price measure on the monthly candlestick time frame, shared on social media Platform X by Crypto Analyst Trader Tardigrade, Dogecoin has maintained a well-defined macro channel that has shaped its long-term price track since its inception. However, the analyst pointed out that there have been cases where the meme coin has short deviated over or below the upper and lower limits of this macro channel before returning inside.
The current price measure for steady decreases since January has now seen Dogge testing the lower trend line level within this macro structure. The The question now is Whether Dogececoin can recover from the lower trend line without deviation or whether it deviates again and acts below the trend line for a few months.
As highlighted by Trader Tardigrade, Dogge should remain within the macro channel without breaking below the lower trend line, it would indicate that Cryptocurrency has already reached its bottom. This scenario reflects a similar pattern observed in 2017, when Dogecoin’s price respected the lower limit without deviation. This in turn caused a strong rebound and maintained trend during the months that followed.
Earlier price behavior from 2020, however, indicates that a deviation remains an opportunity, which means that Doge could temporarily fall below this trend line and spend the next few months act under it. At the time of writing, this lower trend line is located about $ 0.15.
DOGE $ 6 price target and how to get there
Despite the recent weakness of Dogecoin’s purchase pressure, Trader Tardigrade is optimistic when it comes to Dogecoin’s long -term track. Noteworthy projected analyst a possible price increase in Dogecoin against $ 6. This ambitious price target depends on the MEME coin that maintains its macro structure without deviating and repeating the previous growth in 2017.
At the time of writing, Dogecoin is traded at $ 0.1687 after slipping below the decisive support level of $ 0.17 over the past 24 hours. The loss of this support has intensified baissey feelingAnd there is now a better probability of further movement in the short term.
Technical indicators suggest that Dogecoin still has room to decrease before finding a fixed foot, and $ 0.15 is now the next important level to look at. A confluence of factors, including technical indicators such as relative Strength index (RSI), may be crucial to determining when Dogge can reach monitoring levels and bottom out at $ 0.15.
Image from Unsplash, chart from tradingview.com
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