Dogecoin Price Prediction: Breakout From Ascending Triangle Says DOGE Is Headed For This Next Critical Level

Dogecoin price has just broken out of a unique ascending triangle pattern, indicating that it may be preparing for Its next critical level. In the wake of recent market trends, Dogecoin (DOGE) has shown resilience, Aim to reach the $1 threshold Despite its failure to exceed the resistance levels.

Dogecoin price is at the next critical level at $0.56

Popular cryptocurrency trader and analyst Rekt Capital moved to X (formerly Twitter) on December 20 Discusses Dogecoin’s next bullish move after it broke out of the ascending triangle pattern. Usually, when a cryptocurrency exits the ascending triangle, it indicates that the price has stabilized above the major resistance line.

that Ascending triangle It is a unique bullish pattern that often forms during an upward price trend, indicating continued upward momentum for the cryptocurrency. The pattern consists of a horizontal resistance line, where the cryptocurrency price struggles to break out, and an upward sloping trend line, where the price forms lower lows over time.

After Rekt Capital Dogecoin price chartThe meme coin started forming an ascending triangle pattern after witnessing a massive rally above $0.35. Dogecoin saw varying fluctuations and fluctuations throughout the pattern as it tried to break out and stay above it Resistance level is $0.4.

Now that Dogecoin has successfully crossed the $0.4 level and is currently trading at $0.43, Rekt Capital has suggested that the meme coin is gearing up for another pump. The analyst identified the $0.569 level as Dogecoin’s next bullish targetAn increase of 32.33% from its current level.

Rekt Capital also revealed in its post According to the price chart, the breakout level of Dogecoin’s current ascending triangle represents the top of the pattern, which ranges between $0.4 and $0.45.

Furthermore, the analyst noted that a post-hack retest is also possible for Dogecoin. This means that the cryptocurrency price may fall back to the breakout level but will not fall below it, confirming a new support area. Although this decisive move does not always occur, it is seen as a healthy bullish signal confirming that the ascending triangle line Cryptocurrency hack legitimate.

Dogecoin is experiencing a violent upward movement

Cryptocurrency analyst Blontz did too Comment On Dogecoin’s successful breakout of the 3-week range around the $0.4 resistance level. The analyst declared that Dogecoin’s next upward move “will be violent,” and will see a similar sharp wave price pump As happened earlier this month.

Presenting the price chart, the analyst emphasized that Dogecoin is on track for a rapid and sustained price rise to $0.9. This goal is getting closer The $1 mark is highly anticipatedwhich is what most analysts expect for the price of Dogecoin.

Featured image created with Dall.E, chart from Tradingview.com