Dogecoin could still rise parabolically if this support level holds, according to the analyst

In a new post on X, analyst Ali Martinez shared a long-term Ascending Channel that the price of Dogecoin for 1 week has been trading inside for years. The "ascending channel" here refers to a pattern from technical analysis (TA) formed when the price of an asset observes a consolidation towards a net upside between two parallel trendlines. The upper line of the channel is drawn by connecting successive higher peaks. Similarly, the lower line connects the higher lows. As the price moves between these two lines, it is likely that the price will encounter resistance at the former level and support at the latter. In case the resistance line or support line is broken, the asset may have the possibility of continuing the trend in the direction of the breakout. This means that exiting the channel could be bullish, while falling below the channel could be bearish. Like the Ascending Channel, there is also the Ascending Channel, which occurs when the consolidation of an asset takes place in a net downward direction. But apart from this fact, the latter works similarly to the previous one. There is also a third type of parallel channel, in which the correct merger is horizontal. In this case, the trend lines are not only parallel to each other, but also parallel to the time axis. The following is a chart shared by Martinez showing the Ascending Channel showing that the weekly Dogecoin price seems to have been stuck inside for the past decade:

As can be seen in the chart above, the price of Dogecoin in the recent 1-week has plummeted towards the bottom line of the Ascending Channel. Last year, the memecoin also retested this line, which proved to be successful and helped its price recover in an upward direction. It is likely that this line will once again hold firm against DOGE, but it is too early to say anything, as the most recent retest saw the coin move along this line for some time before the bullish momentum returned. The latest retest of the line follows a crash that has rocked assets across the crypto space and instilled fear in investors' minds. However, as long as DOGE remains in the Ascending Channel, not all hope is lost for memecoin holders. As the analyst says, "Dogecoin $DOGE still has a chance to rally along the parabolic line if the $0.16 support level holds!" DOGE Price Dogecoin was one of the hardest hit coins in the sector over the past week, as its price fell nearly 17%, to $0.17.