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Analyst Ali Martinez said in a post on X that Dogecoin’s 4-hour price chart may be forming a “Parallel Channel,” a technical analysis pattern that can emerge when an asset consolidates between two parallel trendlines.
In a Parallel Channel, the upper trendline typically acts as a resistance area, while the lower trendline functions as support. A breakout above or below these bounds can indicate a continuation of the prevailing move in the corresponding direction.
Depending on the orientation of the trendlines, Parallel Channels can take different forms. Channels with an upward slope are described as ascending channels, while those with a downward slope are descending channels. A third type—where the trendlines are parallel to the time axis—signals a period of sideways movement.
Martinez’s chart suggests Dogecoin has been trading within this sideways-style Parallel Channel on the 4-hour timeframe over the past couple of months. The analysis indicates the price has recently been stuck in the lower half of the channel.
According to the post, Dogecoin has made five retests of the channel’s midline, and each attempt ended in rejection.
The midline is identified at $0.1018. DOGE’s most recent retest of this level occurred just last week. After that rejection, the cryptocurrency retraced to the quarter mark of the channel.
The next move, as framed by the analysis, would be either another push toward the resistance line or a retest of the support level at $0.0884.
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