Dogecoin's $15 Target Goes Up in Smoke as Analyst Calls Channel Break

A well-known analyst, Ali Martinez, has declared that the $15 Dogecoin target is no longer viable after the token broke below a long-term rising channel.

The channel in question has defined Dogecoin's price action since its inception and has previously led to significant gains for investors who bought when it touched its lower boundary. This included a 9,221% increase in 2017 and a 30,694% gain in 2020.

Martinez had been tracking the channel as part of his analysis on Dogecoin's price movements and considered any break below its support to be a significant event that would undermine his previous bullish predictions. He noted that DOGE has returned to the same level several times before, but this time it has broken below the boundary.

The analyst's call comes after months of bullish setups from other analysts who pointed to whale accumulation and technical buy signals as signs that Dogecoin was due for a rally back towards its previous support levels. The token is currently trading around $0.0806, down 6.6% for the week and 3% on the day.