 could fall to $0.197 after breaking out of a symmetrical triangle pattern. Weak on-chain activity and declining whale transactions add to bearish concerns.){kind=link}
Renowned crypto analyst Ali Martinez has predicted a potential drop in Dogecoin’s ($DOGE) price to $0.197 following its breakout from a symmetrical triangle pattern.
Martinez, known for his technical and on-chain analysis, has been closely tracking Dogecoin’s price movements, noting that its current trajectory suggests a downward trend.
The prediction has gained attention among traders and investors, particularly as Dogecoin has been experiencing both bullish and bearish fluctuations in response to broader market conditions.
If the price follows Martinez’s forecast, it would mark a significant correction from recent levels, reinforcing the need for traders to remain cautious in their market positions.
The Significance of the Symmetrical Triangle Breakout
A symmetrical triangle pattern is a well-known technical indicator that typically signals an impending price movement in either direction, depending on the breakout.
In Dogecoin’s case, the breakout has occurred to the downside, increasing the probability of further price depreciation.
The formation emerges when an asset’s price consolidates within converging trendlines, creating a situation where a decisive move is expected once the price breaks through a key support or resistance level.
Martinez’s target of $0.197 is in line with historical price movements and technical indicators that suggest a correction is likely.
Traders are now monitoring the market closely to determine whether DOGE will reach this predicted level or if external factors will shift its trajectory.
Also Read: Crypto Analyst Predicts Major Price Drop for Hyperliquid $HYPE as Price Eyes $13 Target
Market Sentiment and External Factors Impacting DOGE Price
Although technical indicators suggest a potential decline, Dogecoin’s price remains highly susceptible to external influences, including market sentiment, macroeconomic trends, and social media activity.
Historically, DOGE has seen price surges based on endorsements from figures like Elon Musk, as well as broader crypto market trends.
However, with current bearish momentum and reduced buying pressure, a decline toward $0.197 seems increasingly plausible.
If selling activity continues to rise without renewed bullish momentum, Martinez’s forecast could materialize sooner rather than later.
Conversely, any unexpected positive developments could counteract this downward pressure and stabilize or even reverse the decline.
Also Read: Crypto Whales Take Advantage of Market Dip by Accumulating 750 Million Dogecoin Worth $198.3M
Declining On-Chain Activity and Dogecoin’s Current Market Performance
Recent blockchain data indicates a significant drop in Dogecoin’s network activity, further supporting the bearish outlook.
Martinez has highlighted that DOGE whale transactions have decreased to just 66 per day, while the number of active unique addresses has fallen below 60,000—levels not seen since October last year.
Historically, Dogecoin has required strong user participation, particularly from whales, to sustain upward price movements. With these key metrics sitting at low levels, DOGE’s price may continue to struggle in the coming days.
As of today, Dogecoin is trading at $0.2109, reflecting a 9.26% decline in the past 24 hours and a 16.34% drop over the past week.
With a circulating supply of 150 billion DOGE, its market capitalization currently stands at $31.28 billion.