Dogecoin Price Prediction: Breakout From Ascending Triangle Says DOGE Is Headed For This Next Critical Level
The post Dogecoin Price Prediction: Breakout From Ascending Triangle Says DOGE Is Headed For This Next Critical Level appeared on BitcoinEthereumNews.com.
The Dogecoin price has just broken out from a unique Ascending Triangle pattern, signaling that it could be gearing up for its next critical level. Following recent market trends, Dogecoin (DOGE) has shown resilience, aiming to hit the $1 threshold despite failing to surpass resistance levels. Dogecoin Price Next Critical Level At $0.56 Popular crypto trader and analyst Rekt Capital took to X (formerly Twitter) on December 20 to discuss Dogecoin’s next bullish move after it broke out of an Ascending Triangle pattern. Typically, when a cryptocurrency breaks out of an Ascending Triangle, it suggests that the price has settled above a key resistance line. An Ascending triangle is a unique bullish pattern often formed during a price uptrend, signaling the continuation of a cryptocurrency’s upward momentum. The pattern is formed by a horizontal resistance line, where the cryptocurrency price struggles to break out of, and an upward-sloping trend line, where the price forms higher lows over time. Following Rekt Capital’s Dogecoin price chart, the meme coin began forming an Ascending Triangle pattern after it witnessed a massive pump above $0.35. Dogecoin experienced varying volatility and fluctuations during the pattern as it attempted to breach and stay above the $0.4 resistance level. Source: X Now that Dogecoin has successfully surged past $0.4 and is currently trading at $0.43, Rekt Capital has suggested that the meme coin is gearing up for another pump. The analyst pinpointed the $0.569 level as Dogecoin’s next upward target, marking a 32.33% increase from its current level. Rekt Capital also revealed in his X post that after a break out of the Ascending Triangle, the price of a cryptocurrency often returns to its breakout level to retest it. According to the price chart, the breakout level for the current Dogecoin Ascending triangle represents the top of…
Filed under: News - @ December 2, 2024 6:21 pm