$15 Dogecoin Target Dropped as Rising Channel Breaks

Analyst Ali Martinez says Dogecoin's (DOGE) long-term rising channel has broken, invalidating his $15 target prediction for the token.

The channel, which dates back to DOGE's earliest trading history, defined the cryptocurrency's price action since its inception.

Martinez pointed out that every time the price touched the lower boundary of this channel, it marked a generational buying opportunity. In 2017 and 2020, these opportunities led to gains of 9,221% and 30,694%, respectively.

The analyst had been tracking this channel since its early days and saw it as the technical foundation behind his $15 thesis for DOGE. However, now that the token has broken below the boundary, Martinez says this move removes the support for the target price.