Dogecoin Must Hold This Support Level Or Risk Falling To $0.015, Analysts Warn

Dogecoin (DOGE) is facing a crucial turning point on its long-term price chart, according to the renowned cryptocurrency analyst Ali Martinez. The widely circulated chart—initially shared through X and later analyzed in a YouTube Short—shows DOGE trading in an ascending parallel channel that has guided its price action since 2014. Currently, this meme-inspired cryptocurrency is teetering on a significant support area, which if breached, could trigger a sharp decline. Is the collapse of Dogecoin about to happen? In the long-term model highlighted by Martinez, every time DOGE breaks out of the lower boundary of this upward channel, it has risen to the resistance level. Conversely, DOGE has historically retreated to the lower boundary when it failed to surpass the channel's ceiling. This cycle has repeated through major peaks in the 2017–2018 and 2021 periods, among others, emphasizing the importance of the channel's lower trend line in maintaining a broader uptrend for DOGE.

Martinez's chart also features multiple Fibonacci retracement and extension levels, providing detailed information about significant historical price points. These key horizontal levels are the 0.236 Fib around $0.0068, the 0.382 Fib around $0.0159, the 0.5 Fib around $0.0316, the 0.618 Fib around $0.0625, the 0.786 Fib around $0.1652, the 1.272 Fib around $2.74, and the 1.414 Fib around $6.24. Notably, the area around $0.16–$0.19 converges with the lower boundary of the ascending channel and the upper limit of the Fibonacci range near $0.1650. In the latest short video on YouTube, Martinez warned that a strong break below the $0.19 support level could open the door to a downturn to the $0.015 level, in line with the 0.382 Fib retracement level. "Dogecoin could collapse if it loses this support level. Dogecoin has been trading inside an upward Channel since 2014. Dogecoin tends to recover from the lower trendline of this Channel towards the rising resistance trendline, and from this point Dogecoin tends to fall back to the lower support trendline and then recover, repeating the whole cycle. But currently, Dogecoin is at a critical point where if it breaks the $0.19 support level, it could trigger a correction down to $0.015," he declared. A few days ago, he noted on X that as long as the lower boundary of the channel at $0.16 remains intact, DOGE still has a chance to recover to the middle channel or even the upper trend line. "DOGE is still in an upward parallel channel. As long as the lower boundary at $0.16 remains intact, the possibility of recovery to the middle channel at $2.74 or even the upper boundary at $6.24 is still a probability!" Martinez commented. However, the prospect of price increase depends on whether DOGE maintains this important support area. Any confirmed decline below $0.16-$0.19 is likely to confirm a significant price change, paving the way for a strong correction phase as described by Martinez. Such a scenario would bring the price back to the vicinity of $0.015, erasing the gains that Dogecoin has accumulated over many cycles.