the Dogecoin price chart It indicates the possibility of forming an ascending triangle pattern, which could push its price to new levels. In X (formerly Twitter) maila cryptocurrency analyst revealed that if the popular meme currency succeeds in creating this Bullish technical patternThis could take prices to $0.56.
Dogecoin price is looking to rise by $0.5
According to cryptocurrency analyst Rekt Capital, Dogecoin is showing signs of forming a potential ascending triangle pattern on the price chart, indicating… Possible breakout of a new price target At target $0.56. Usually, a Ascending triangle They are formed when the cryptocurrency breaks through the upper horizontal trend line with a subsequent rise in volume. This technical indicator is often marked as bullish because it forms during an uptrend as a continuation pattern.
Rekt Capital’s Dogecoin chart highlights the cryptocurrency’s price action in the fourth quarter of this year, indicating the formation of a potential ascending triangle that appears to have begun following the recent DOGE price surge. Earlier this month, The price of Dogecoin has increased significantly From around $0.2 to over $0.4, recording impressive gains as demand for meme coins surged.
This is based on the analyst’s statements Uptrend It could be strengthened if the ascending triangle formation is confirmed. Rekt Capital revealed that if the current pattern in the Dogecoin chart is indeed an ascending triangle, the cryptocurrency could see a significant price rise to $0.569.
The analyst also reveals that if Dogecoin succeeds in forming this triangle pattern, it could increase investor confidence and energize it. Funds flow into other meme coins. Similar to how a rise in Bitcoin prices affects the trajectory of lower-valued altcoins, a rise in Dogecoin prices also affects other cryptocurrencies in the market.
Most often, like meme coins Shiba Inu (SHIB), pepper (pepper) Others tend to follow Dogecoin’s bullish trend, seeing significant price increases after DOGE’s momentum wanes a bit.
To confirm the ascending triangle pattern, Rekt Capital revealed that Dogecoin needs to close a daily candle above the… Resistance level Priced at $0.43. This means that the meme coin must trade above this level to move towards $0.56 or higher.
The real target for Dogecoin is beyond $2, the analyst says
Prominent cryptocurrency analyst Blontz did just that It has been detected The real price target for Dogecoin in this session is $2.2. The analyst admitted that The price of Dogecoin can reach $1but this goal was a bit disappointing for the popular meme currency.
Plantz also revealed that the DOGE/BTC pair has had an impressive performance this year, and is expected to reach a new all-time high this cycle. Currently, at 0.00000436, the analyst expects a rise to 0.00002, recording a 373.68% increase at the 1.618 Fibonacci level.
currently, Dogecoin price It is $0.42, reflecting a 6.5% rise over the past 24 hours despite falling more than 6% in the past week. CoinMarketCap data also revealed that Dogecoin’s daily trading volume rose by 82%, confirming Increased interest and demand From investors.
Featured image created with Dall.E, chart from Tradingview.com
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