Dogecoin Could Reach $0.08 Soon: Analyst's Insights

A cryptocurrency analyst has indicated that Dogecoin may be on a path to reach $0.08, based on its recent breakout from a consolidation channel.

Key Takeaways

Analyst Ali Martinez suggests Dogecoin could target $0.08 based on a breakout from an Ascending Channel.
Dogecoin has recently broken below its support trendline, indicating potential bearish momentum.
Parallel Channel breakouts often indicate price targets based on the channel's height.
Bitcoin is currently in a Symmetrical Triangle, signaling possible upcoming volatility of 15%.
Dogecoin's current price is around $0.13, having risen more than 8% in the last day.

Dogecoin

Dogecoin's Recent Price Movement

In a recent update on X, analyst Ali Martinez discussed the potential future of Dogecoin through a technical analysis (TA) framework. The primary focus is on an “Ascending Channel,” a specific form of Parallel Channel.

Parallel Channels emerge when the price of an asset stabilizes between two parallel trendlines. If these lines slope upward, it is identified as an Ascending Channel.

This pattern signifies consolidation that tends toward an upward movement. Similar to other TA patterns, the upper trendline serves as resistance, while the lower line acts as support. A breakout above or below these levels can indicate a continuation of the trend: an upward break suggests bullish momentum, while a downward break indicates bearish sentiment.

In addition, there exists a Descending Channel pattern in TA, occurring during a decline of price between two parallel trendlines that slope downward.

Recently, Dogecoin had been trading within a long-term Ascending Channel on the 3-day time frame. As outlined in a chart shared by Martinez, the memecoin concluded 2025 with a breakout below this channel.

Dogecoin Ascending Channel

From the chart, it is clear that Dogecoin has broken out of the Ascending Channel, dropping below the support trendline. Since then, the cryptocurrency has been on a steep decline, suggesting that a bearish breakout is currently in action.

According to Martinez, breakouts from Parallel Channels often tend to reach a target corresponding to the height between the trendlines. Based on this analysis, he has set a target of $0.08 for DOGE. It remains to be seen whether Dogecoin will adhere to this downward trajectory or rebound shortly.

In another post on X, Martinez noted that Bitcoin, the leading cryptocurrency, is also currently trading within a consolidation pattern.

Bitcoin Symmetrical Triangle

The displayed chart shows that Bitcoin is trapped within a Symmetrical Triangle, a pattern characterized by two converging lines at similar but opposing slopes. Recently, Bitcoin's 4-hour price has remained flat within this pattern, and based on its height, the analyst anticipates a potential 15% movement.

Current DOGE Price

As of now, Dogecoin is trading at approximately $0.13, reflecting an increase of over 8% in the last 24 hours.

DOGE Price Chart