Dogecoin’s Ascending Triangle: Will It Lead to a Meme-worthy Breakout?

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Hold onto your leashes, Dogecoin enthusiasts! Our beloved meme coin might be on the brink of an explosive price rally. Why, you ask? Well, according to some recent technical analysis, it seems that DOGE is forming a rather fancy-sounding Ascending Triangle pattern on its 4-hour chart. 🐕🚀

Dogecoin’s Ascending Triangle: Is It Time for a Breakout?

An Ascending Triangle, for those who aren’t fluent in crypto-speak, is a bullish chart pattern formed by a horizontal resistance line connecting swing highs and a rising trendline connecting lower lows. A crypto analyst, Trader Tardigrade, has spotted what appears to be an Ascending Triangle forming on Dogecoin’s price chart in the 4-hour timeframe. 🔍

Now, this Ascending Triangle formation suggests that the buyers might be gaining some serious strength. If DOGE manages to break above that resistance level of $0.334, we could be looking at a breakout to the upside. 📈

But wait, there’s more! Dogecoin’s RSI indicator recently entered oversold territory, dropping below 30%. However, it’s since rebounded and is gaining significant momentum. This positive shift in momentum indicates a steady increase in buying pressure, supporting the possibility of a Dogecoin price appreciation to new highs. 📈💸

Based on the chart’s forecast, DOGE’s price could skyrocket toward the range between $0.355 and $0.360 if it successfully breaks above the Ascending Triangle resistance at $0.334. Conversely, a rejection at this resistance level could lead to a retest of the ascending trendline before another breakout attempt. 📉

What’s Next for DOGE?

Despite a price decline of over 6% in the past week, Dogecoin remains resilient, aiming for new highs above the $0.6 mark. A prominent crypto analyst, identified as ‘Coinvo’, has announced to his over 324,000 followers that a new Dogecoin all-time high is imminent. 🌟

The analyst shared a detailed chart illustrating the DOGE price action over a multi-year period on a weekly timeframe. He highlighted two primary resistance levels, which suggests that the meme coin could rise to a new ATH soon. 🚀

DOGE is currently trading at $0.33, having experienced a prolonged downtrend and consolidation between 2022 and 2023. Based on historical trends, the meme coin’s price could be nearing its previous peak, as it follows a similar bullish trajectory as the 2021 bull run. 📈

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2025-01-31 06:12