A crypto analyst says Dogecoin has slid back to the floor of a Parallel Channel after the latest market pullback — a setup that could determine whether DOGE resumes a sideways range or breaks lower.
In a post on X, analyst Ali Martinez highlighted that Dogecoin’s daily chart has been confined to a Parallel Channel for months. In TA, a Parallel Channel is formed by two equal, parallel trendlines: the top acts as resistance, the bottom as support, and the price oscillates between them. A decisive move above the channel signals bullish continuation; a break below points to further downside. Channels can slope up or down, but Martinez’s chart shows a neutral, time-axis-parallel channel — classic sideways consolidation.
Martinez’s chart shows DOGE retested the channel’s upper boundary in May and was rejected. Since then the memecoin plunged across the channel, breaching the midpoint support and losing the 50-day moving average along the way. Now the price is re-testing the channel’s lowest trendline.
“As long as this support holds, I think a recovery toward $0.1019 and $0.1156 remains likely,” Martinez wrote. Conversely, he warned that a breakdown below the channel could expose the next major supply zone near $0.067.
Martinez also flagged a different development in Cardano. He noted that ADA has slipped under the support of a long-term channel — and, using the channel-width projection method, he put potential downside targets for Cardano at $0.11 and $0.051.
Following the latest drawdown, Dogecoin is trading near $0.084 (the original report quoted $0.843, likely a decimal slip). The immediate outlook will hinge on whether the lower trendline of the Parallel Channel can hold as support or gives way to a deeper sell-off.
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