DOGE could explode 60% if $0.19 survives the test

With the larger part of the cryptocurrency market going through a rough patch, Dogecoin (DOGE) traders are watching one key level this week, and it could determine whether the popular meme coin rockets toward $0.33 or plunges further.

Specifically, Dogecoin is currently consolidating near $0.20, with $0.19 acting as a crucial “mission-critical” support, and holding it could spark a major rally, perhaps even to $0.33, according to an analysis by prominent crypto trading expert Ali Martinez shared in an X post on October 16.

Bulls need to defend the line at $0.19

Indeed, the chart shared by the analyst shows Dogecoin moving within a rising parallel channel that has guided its price action since April. After a sharp pullback in early October, DOGE is now hovering near the lower boundary of that channel, a point that has historically triggered strong recoveries.

Therefore, if buyers manage to keep the price above $0.19, technical projections suggest a potential climb through $0.25 and $0.27, before targeting $0.33, a 60% increase from current prices, near the upper trendline. However, losing the $0.19 level could break the structure entirely, sending DOGE toward $0.16 or lower.

For the time being, Dogecoin is changing hands at the price of $0.1967, suggesting a decline of 3.74% in the last 24 hours, a 19.54% dip across the previous seven days, and an accumulated loss of 26.16% on its monthly chart, per the latest information.

All things considered, the chart suggests that the future of Elon Musk’s favorite crypto asset depends on one simple rule – hold $0.19 and the next stop could be $0.33. Among the positive catalysts that could assist in its rise is Donald Trump-linked Thumzup Media’s plan to integrate DOGE into its influencer app.