An analyst has identified an Ascending Channel pattern forming in the weekly price of Dogecoin, which suggests potential for a significant rally if the price can hold the bottom level of the pattern. The analyst highlights that if Dogecoin can bounce off the support at $0.16, it could potentially reach $2, which aligns with the middle line of the channel. However, it is important to note that a breakdown in the pattern could lead to bearish price action. Currently, Dogecoin is trading at around $0.176, down more than 20% in the last seven days.



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