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.”
Source: Ali Martinez/X
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.
Source: Ali Martinez/X
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.
Source: Ali Martinez/X
Avalanche is trading at $18 at time of writing.
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