An analyst has highlighted how Dogecoin crossed a Parallel Channel&#8217;s midline 
after its latest rally and is now heading toward its resistance level. 
Dogecoin Could Face Resistance At $0.1172 Next In a new post on X, analyst Ali 
Martinez has talked about a Parallel Channel forming in the 12-hour price of 
Dogecoin. A &#8220;Parallel Channel&#8221; is a technical analysis (TA) pattern that forms 
whenever an asset observes a phase of consolidation between two parallel 
trendlines. Related Reading: Bitcoin $90,000 Predictions Surge Across Social 
Media—Contrarian Signal? Like with other consolidation channels in TA, the 
upper level of a Parallel Channel tends to be a source of resistance for the 
coin, while the lower one that of support. A break out of either of these 
bounds can signal a continuation of trend in that direction. That is, a surge 
above the channel can be a bullish sign, while a drop under it a bearish one. 
Parallel Channels can be classified into a few different types based on how 
the channel is oriented with respect to the graph axes. Channels with a 
positive slope are known as Ascending Channels, while those pointing down are 
called Descending Channels. In the context of the current topic, the simplest 
case is the one of relevance: a Parallel Channel that&#8217;s parallel to the time- 
axis. Such a pattern corresponds to a phase of true sideways movement in the 
asset. Now, here is the chart shared by Martinez that shows the Parallel 
Channel that the 12-hour price of Dogecoin has been stuck inside for the last 
couple of months: As displayed in the above graph, the 12-hour Dogecoin price 
was earlier trading inside the lower half of the Parallel Channel, with the 
pattern&#8217;s midline situated at $0.1018 acting as a barrier for the memecoin. 
The 11% price jump for the past week, however, has meant that DOGE has finally 
broken past this resistance. The next relevant level in the channel is located 
at $0.1172, corresponding to the top level. It now remains to be seen whether 
the Dogecoin will perform a retest of this level in the near future or not. 
Related Reading: Bitcoin Market Returning To Risk-On? Flow Pulse Surges 136% 
From March Lows While Dogecoin has seen some bullish price action recently, 
fellow altcoin Solana has headed down instead. A consequence of this decline 
has been that SOL has dropped below the support level of a TA pattern, as the 
analyst has pointed out in another X post. From the chart, it&#8217;s visible that 
Solana was earlier trading inside a channel enclosed by two converging 
trendlines approaching each other at a roughly equal and opposite angle. Such 
a pattern is called a Symmetrical Triangle. Breakouts from this type of 
channel become likely as the asset approaches the apex, which is what appears 
to have happened with SOL this time as well. DOGE Price Dogecoin has surged to 
the $0.1064 level following its latest rally. Featured image from Dall-E, 
chart from TradingView.com

Dogecoin Surges 11%: Is This Parallel Channel Resistance Next?

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