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If Dogecoin Falls Below This Level, A Freefall To $0.06 Is Possible
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If Dogecoin Falls Below This Level, A Freefall To $0.06 Is Possible: Analyst

Jake Simmons
Jake Simmons
3 months ago
2 mins read
Dogecoin news

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In a post on X on Tuesday, crypto analyst Ali Martinez (@ali_charts) shared a long‐term Dogecoin (DOGE) price chart highlighting a critical support level that, if lost, could open the door for a steep correction. Martinez pinpointed $0.19 as the line in the sand. Should the meme‐inspired token dip below this threshold, he argues, “the probability of a deeper correction toward $0.06 significantly increases.”

Dogecoin Crash To $0.06 Incoming?

The weekly chart—which spans back to early 2014—depicts Dogecoin trading within a broad ascending channel. Solid black trend lines enclose most of the price action from DOGE’s earliest sub‐penny valuations to the all‐time high of roughly $0.73 in 2021. Dashed lines running parallel to these trend lines appear to act as mid‐channel guides, capturing smaller swings within Dogecoin’s larger market cycles.

Dogecoin price analysis
Dogecoin price analysis | Source: X @ali_charts

Notably, DOGE has spent prolonged periods moving laterally within the lower range of this channel, only to break out sharply when it has tested the upper boundaries. When Martinez posted the chart, Dogecoin was seen hovering around $0.225, just above a key horizontal support region in the chart.

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Overlaid on the channel are extensive Fibonacci levels derived from Dogecoin’s long‐term price history. The 0.786 Fib retracement—commonly viewed as a make‐or‐break support in deeper corrections—seems to align near $0.1978, very close to the $0.19 level Martinez highlighted.

Below $0.19, the chart shows few immediate technical cushions until roughly $0.13, which is aligning with the lower part of the multi‐year ascending channel. Beneath that, the $0.06 price point emerges as the most prominent downside target, potentially matching a key historical congestion area and aligning with the lower part of the multi‐year ascending channel.

Among the other Fibonacci levels visible on the chart are the 0.618 Fib near $0.05, 0.5 Fib near $0.03, 0.382 Fib near $0.015 and 0.236 Fib near $0.0059. While these lower Fib lines may not all come into play, they help map out DOGE’s historical support/resistance zones in the event of an extended sell‐off.

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The chart also shows higher Fib extension levels such as 1.272 (around $4.10), 1.414 (around $10.04), and 1.618 (around $36.32). Though these may appear far‐fetched given current market conditions, such extensions on a long‐term chart can serve as reference points if Dogecoin were to regain strong bullish momentum and climb toward new heights in future market cycles.

For now, all eyes are on $0.19 as Dogecoin’s crucial inflection point. If DOGE holds above this level, it may preserve its place in the mid‐range of the ascending channel. However, as Ali Martinez warns, a breach of $0.19 could intensify downward pressure and potentially set Dogecoin on a path toward $0.06.

At press time, DOGE traded at $0.206.

Dogecoin price
DOGE price, 1-day chart | Source: DOGEUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Reason to trust

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