As the majority of assets in the cryptocurrency market begins the new week with a more positive sentiment than the previous one, Dogecoin (DOGE) has bounced cleanly off the lower of its multi-year ascending channel and kept the macro target of $0.86 in sight.
Indeed, DOGE has kept the broader bullish structure fully intact, suggesting a probable staircase move back toward the mid-range resistance around $0.29, followed by an extension toward $0.45 if momentum accelerates, per an analysis by crypto expert Ali Martinez on October 20.
Furthermore, a breakout above the second level opens the macro target around $0.86, which lines up with the channel’s upper boundary and historical reaction zone. The bias remains bullish as long as Dogecoin holds above the trendline and stays inside the channel.
According to Martinez’s chart, DOGE has been trading within a well-defined rising channel stretching back to mid-2022. Each test of the lower trendline has historically triggered strong recoveries, and the latest rebound mirrors that same pattern. After briefly dipping near $0.18, the price reversed sharply upward, reclaiming the mid-range of the channel around $0.20 – $0.22.
Reclaiming momentum within a long-term uptrend
If the trajectory holds, the next resistance zone sits around $0.29, followed by a higher target near $0.45 – both intermediate checkpoints before the upper boundary of the macro channel, which projects Dogecoin reaching roughly $0.86 in late 2025.
As it happens, the $0.86 level aligns with both the channel’s top resistance and a 1.272 Fibonacci extension measured from the previous major impulse. That convergence makes it a realistic, albeit ambitious, technical target if bullish momentum returns across the broader crypto market.
Currently, Dogecoin is changing hands at $0.2010, suggesting a 7.23% gain on the day, as it moves to erase the 5.29% dip from across the past week and an accumulated loss of 24.41% on its monthly chart, according to the most recent pricing data.
From a structural standpoint, DOGE remains in an accumulation phase within an established uptrend. As long as the price continues to respect the ascending support line, currently near $0.18, the long-term bullish thesis remains intact. However, losing this support would invalidate the pattern and potentially open the door to deeper retracements towards $0.14 or $0.10.
What do you think?
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