As Dogecoin struggles to maintain its bullish posture, one crypto analyst is ringing the alarm bells. Ali Martinez, a respected voice in the trading community, warns that Dogecoin (DOGE) could face a dramatic 30% decline if it fails to stay above the critical $0.168 support level.
In a recent technical analysis post on X (formerly Twitter), Martinez highlights a Symmetrical Triangle pattern forming on DOGE’s daily chart—a classic setup that often precedes major price swings.
“Dogecoin $DOGE must hold above $0.168 to avoid a 30% price drop!” he cautioned.
Dogecoin Approaches Apex of Symmetrical Triangle
A Symmetrical Triangle forms when an asset consolidates between two converging trendlines: one tracing lower highs and the other forming higher lows. As the price compresses within this triangular channel, the trading range narrows, increasing the likelihood of a volatile breakout.
Dogecoin has been locked in such a formation for several months, and according to Martinez’s chart, the memecoin is nearing the apex of the triangle, a point that typically precedes a decisive breakout in either direction.
Unlike ascending or descending triangles, where breakouts are biased upward or downward, symmetrical triangles are directionally neutral, meaning DOGE could either rally or drop significantly depending on where the breakout occurs.
$0.168: A Make-or-Break Level
Currently, Dogecoin is testing the lower boundary of the triangle pattern. If this level gives way, the breakdown could accelerate due to the proximity of a key Fibonacci retracement level, specifically, the 0.786 level near $0.168.
Fibonacci levels are widely used in technical analysis to identify potential support and resistance zones. The 0.786 line often acts as a strong psychological and technical buffer. A clean break below $0.168 would invalidate the triangle and could set the stage for a 30% drop, according to Martinez.
Current DOGE Price Action
At press time, Dogecoin is trading at approximately $0.177, representing a decline of over 4% in the past week. The market remains uncertain, and traders are watching closely to see whether DOGE can rebound off support or succumb to bearish momentum.
Should Dogecoin reclaim momentum and break above the triangle’s upper boundary, a bullish continuation could still materialize. However, all eyes remain on the $0.168 level in the near term.
What Comes Next for DOGE?
For now, DOGE holders should brace for increased volatility. As the Symmetrical Triangle pattern nears its resolution, a breakout in either direction appears imminent. Whether the memecoin rallies or crashes may largely depend on broader market sentiment and Bitcoin’s price movement.
With no clear directional bias, the next few trading days will be pivotal for Dogecoin’s short-term outlook. Martinez’s warning serves as a reminder that technical structures—especially symmetrical triangles—often precede powerful moves, and traders should act accordingly.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
