A cryptocurrency analyst has pointed out how Dogecoin could be on track for $0.08 based on this breakout from a consolidation channel. Dogecoin Has Fallen Under An Ascending Channel In a new post on X, analyst Ali Martinez has talked about where Dogecoin could be heading based on a technical analysis (TA) pattern. The pattern in question is an “Ascending Channel,” which is a type of Parallel Channel. Related Reading: Bitcoin Cycle Defined by Demand, Not Price: CryptoQuant Head Says Parallel Channels appear whenever an asset’s price observes consolidation between two parallel trendlines. When these lines have a positive slope, the pattern is known as an Ascending Channel. This channel corresponds to consolidation that occurs toward some net upside. Like other such patterns in TA, the upper line acts a source of resistance, while the lower one provides support. A break out of either of these boundaries can signal a continuation of trend in that direction. This means that a surge above the channel may be a bullish signal, while a drop under it a bearish one. Like the Ascending Channel, there is also a pattern in TA called the Descending Channel, emerging when the opposite type of consolidation takes place. That is, when the price moves to a net downside between two parallel trendlines with a negative slope. Until recently, Dogecoin had been trading inside a multi-year Ascending Channel on the 3-day timeframe. The memecoin capped off 2025 with a breakout from it, as the chart shared by Martinez shows. From the above graph, it’s apparent that Dogecoin has escaped the long Ascending Channel with a fall below the support trendline. The memecoin has since been following a steep downward trajectory, a potential sign that the bearish breakout is in effect. Breakouts from Parallel Channels are considered likely to end up being of the same height as the distance between the trendlines. Based on this, the analyst has put the $0.08 target for DOGE. It now remains to be seen whether the asset will follow this trajectory or if it will see a rebound before long. Related Reading: XRP At Risk Of A Drop To $0.80? Analyst Makes The Case In another X post, Martinez has highlighted how Bitcoin, the number one cryptocurrency, has also been trading inside a TA consolidation pattern recently. As displayed in the chart, the pattern in the case of Bitcoin is a Symmetrical Triangle, a channel that involves two lines converging at a roughly equal and opposite slope. BTC’s 4-hour price has been moving sideways in this pattern recently and based on its height, the analyst thinks that the coin may be set up for a 15% move. DOGE Price At the time of writing, Dogecoin is floating around $0.13, up more than 8% over the last 24 hours. Featured image from Dall-E, chart from TradingView.com
