THE Dogecoin Price Chart hints at the potential formation of an ascending triangle, which could propel its price to new levels. In an X (formerly Twitter) joba crypto analyst revealed that if the popular coin succeeds in creating this bullish technical patternthis could trigger a price rise to $0.56.
Dogecoin Price Eyes $0.5 Upside
According to crypto analyst Rekt Capital, Dogecoin is showing signs of forming a possible ascending triangle pattern on its price chart, signaling a potential breakout to new price target to a target of $0.56. Generally, a Ascending triangle forms when a cryptocurrency crosses the upper horizontal trendline with a subsequent increase in volume. This technical indicator is often reported as bullish because it forms during an uptrend as a continuation pattern.
Rekt Capital’s Dogecoin chart highlights the cryptocurrency’s fourth-quarter price action, identifying a potential ascending triangle formation that appears to have begun following DOGE’s recent price rally. Earlier this month, the Dogecoin price skyrocketed from around $0.2 to over $0.4, seeing impressive gains as demand for meme coins increased.
Based on the analyst’s statements, this bullish trend could be increased if the formation of the ascending triangle is confirmed. Rekt Capital revealed that if the current Dogecoin chart trend is indeed an ascending triangle, the cryptocurrency could see a significant price increase up to $0.569.
The analyst also reveals that if Dogecoin succeeds in forming this triangular pattern, it could increase investor confidence and trigger money flows into other coins even. In the same way that a rise in Bitcoin prices influences the trajectory of small-cap altcoins, a surge in Dogecoin prices also impacts other meme coins in the market.
Most often, coins like Shiba Inu (SHIB), Pepe (PEPE) and others tend to follow Dogecoin’s uptrend, experiencing large price increases after DOGE’s momentum has waned slightly.
For the ascending triangle pattern to be confirmed, Rekt Capital revealed that Dogecoin must close a daily candle above the resistance level at $0.43. This means that the meme coin must trade above this level to move towards $0.56 or higher.
Analyst Says Dogecoin’s Real Target Is Above $2
Prominent crypto analyst Bluntz has disclosed that the true price target for Dogecoin this cycle is $2.2. The analyst recognized that the Dogecoin Price Could Reach $1but this goal was a bit disappointing for the popular coin.
Bluntz also revealed that the DOGE/BTC pair has performed impressively this year, and he expects it to reach a new all-time high this cycle. Currently at 0.00000436, the analyst predicted an increase to 0.00002, an increase of 373.68% to the Fibonacci level of 1.618.
Currently, the Dogecoin price is $0.42, reflecting a 6.5% rise over the past 24 hours despite a decline of over 6% over the past week. Data from CoinMarketCap also revealed that daily Dogecoin trading volume is up 82%, highlighting growing interest and demand to investors.
Featured image created with Dall.E, chart from Tradingview.com