Cryptocurrency trader Ali Martinez believes Dogecoin (DOGE) is at a critical level that could determine its price direction over the near term.
Martinez tells his 134,800 followers on the social media platform X that Dogecoin is at a “make-or-break level” of around $0.16.
According to Martinez, Dogecoin could either go up substantially by up to 256% from the support zone if the critical level holds as support or fall precipitously by around 60% if the critical level fails as support.
Based on a chart by the crypto trader, it appears he’s suggesting that Dogecoin is in an ascending channel on the weekly time frame and the make-or-break level is the lower boundary of the pattern.
“If $0.16 holds, a rally to $0.57 could follow. If it fails, a drop to $0.06 becomes likely.”
Dogecoin is trading at $0.158 at time of writing.
Next up is Solana (SOL). Martinez says the seventh-largest crypto asset by market cap is primed to go lower after breaking down below a descending triangle pattern on the daily time frame. Based on Martinez’s chart, it appears he is suggesting that Solana could plummet to around $60, about 47% from the current level.
Solana is trading at $114 at time of writing.
Turning to Avalanche (AVAX), Martinez says that the utility token of the layer-one blockchain is primed to break down from the lower boundary of a rectangle pattern that has formed on the daily time frame. According to Martinez, Avalanche could fall by up to 61% from the current level.
Avalanche is trading at $18 at time of writing.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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