DOGECOIN (DOGE) could be on the verge of a explosive price rallyBecause a recent technical analysis reveals that the popular piece of memes can form a distinctive ascending triangle model on its 4 -hour table. This bullish continuation model, combined with a rebound in a Relative force index occurred (RSI)suggests that a break could happen anytime soon.
Dogecoin Eyes breakout while the upward triangle forms
An upward triangle is generally considered to be a bullish graphic pattern, formed by a horizontal resistance line connecting the swings of swing and an increasing trend line connecting the lower stockings. Interesting fact, an crypto analyst, late late, has identified Which seems to be an upward triangle forming on the Dogecoin price board Within 4 hours.
Analyzing the analyst presented, the action of Dogecoin prices shows a highest series of stockings along a line of ascending trend while Face resistance $ 0.334 at the horizontal level. This ascending triangle formation suggests that buyers can gain strength, which potentially leads to a upward escape If the meme piece hits the level of resistance above.
In particular, the lower part of the graph shows that Dogecoin RSI indicator Recently entered the territory of occurrence, lowering below 30%. The RSI has since rebounded and takes a significant momentum, with indicators suggesting that it can have room to go up excessive areas greater than 70%. This positive change in the amount of movement indicates a constant increase in the purchase pressure, supporting the possibility of a Assessment of the price of the dogecoin to new heights.
Based on the graphic forecasts, the Doge price could soar towards the range between $ 0.355 and $ 0.360 if it is successfully breaking above the upward triangle Resistance at $ 0.334. Conversely, a rejection at this level of resistance could lead to a retaining of the ascending trend line before another attempt to break.
What is the next step for Doge?
Despite CoinmarketCap reports highlighting a price decline On more than 6% last week, Dogecoin remains resilient, targeting new heights higher at the $ 0.6 bar. A prominent crypto analyst, identified as “Coinvo”, has announcement to its more than 324,000 subscribers that a new Dogecone, all the time, is imminent.
The analyst shared a detailed graph illustrating the action of DOGE prices over a multi -year period over a weekly time. He highlighted two levels of primary resistance, which suggests that the meme piece could soon reach a new ATH.
The first resistance level$ 0.015 was broken at the beginning of 2021 during the previous Bull Run, leading to a parabolic price wave in Dogecoin. The second level of resistance, $ 0.6, represents the level of all Dogecoin times in 2021, that its current price seems to approach.
Doge is currently negotiated at $ 0.33, having experienced a prolonged downward trend Between 2022 and 2023. On the basis of historical trends, the price of the memes play could approach its previous peak, because it follows a bullish trajectory similar to that of the Bull Run 2021.
Felash star image, tradingView.com graphic