$DOGE may be heading toward a deeper correction after breaking below a multi-year ascending channel, according to analyst Ali Martinez.
The memecoin recently slipped under a key support trendline on the three-day chart, signaling a potential continuation of bearish momentum despite short-term rebounds.
The breakdown marks the end of a long consolidation phase where Dogecoin traded within parallel upward-sloping trendlines. Such channels typically guide price direction, and a decisive move below support often points to further downside. Based on the width of the channel, Martinez projects a possible decline toward the $0.08 level.
Although Dogecoin has shown a brief recovery and was trading near $0.143 at the time of analysis, this bounce has not invalidated the bearish setup. Unless price reclaims the broken support zone, downside risk remains elevated.
The broader market context adds uncertainty, with Bitcoin consolidating in a symmetrical triangle. Until clearer market direction emerges, Dogecoin’s technical structure suggests caution may be warranted.