Peter Smith
⬤ Dogecoin stayed locked inside a well-defined descending channel on Thursday, showing the same downward structure that's been visible for weeks. The price held near $0.144, with the market still reacting strongly to any hint of outside news. There's growing chatter that even a casual mention from Elon Musk could shake things up, but for now, the coin remains boxed in by the channel's boundaries.
⬤ The chart makes it clear that DOGE is respecting both the top and bottom lines of this formation. Every small rally runs out of steam before hitting serious resistance. Right now, the price sits in the middle zone of the channel, with resistance marked around $0.1694 and a bigger barrier near $0.23. Momentum feels flat, and sellers are still calling the shots.
⬤ Despite the technical squeeze, Dogecoin's reputation for reacting to public figures keeps sentiment on edge. Its history of wild sentiment-driven moves means traders are watching for any spark. Still, the chart shows no real sign of breaking out yet—the price continues tracking the channel without much deviation.
⬤ This descending channel setup matters because it gives traders a clear map for spotting trend shifts and managing risk. Until DOGE pushes decisively above resistance, expect more sideways action shaped by both technical limits and the chance of sudden news-driven volatility.
Peter Smith
