Dogecoin Forms Bullish Triangle Pattern, Analyst Reveals The Next Target

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As a researcher with a background in cryptocurrency analysis, I’ve been closely monitoring the recent developments in the Dogecoin market. Based on my observations and the insights shared by analyst Lingrid, I believe that the bullish trend for Dogecoin is likely to continue.

Dogecoin is experiencing a notable surge in value lately, fueled by Bitcoin‘s recent recovery above $71,000. The entire crypto market is responding with enthusiasm, and the DOGE price has successfully breached the $0.16 resistance level. Analysts predict that this bullish trend will persist, as Dogecoin exhibits a bullish triangle formation according to some technical analysis.

Dogecoin Triangle Pattern Points To More Upside

Crypto analyst Lingrid brought up an intriguing observation in a recent TradingView post regarding Dogecoin’s chart. Based on their analysis, Dogecoin has developed a triangle formation. Historically, such patterns have been associated with bullish price movements.

The crypto expert described the history behind the current market situation, revealing that the price action has been confined within the boundaries of a triangular pattern. Typically, such triangle formations can result in a compression of prices, which is an optimistic sign for potential price growth.

As a crypto investor, I’ve noticed that Dogecoin has formed a triangle pattern with a crucial range zone right above $0.15. This range indicates accumulation and signals that the price is preparing to make its next move. The presence of this range doesn’t always lead to bullish or bearish outcomes, but in this specific case, as the analyst explains, the “consolidating just below the upper border of the triangle” suggests a bullish trend for Dogecoin’s price.

Dogecoin Forms Bullish Triangle Pattern, Analyst Reveals The Next Target

As an analyst, I’ve noticed that the meme coin has been forming higher lows lately, indicating a sustained bullish trend. If the price manages to break above the current downtrend line, we can anticipate a significant bullish rally. Moreover, if the price breaches and closes above the resistance level and range zone, it’s highly probable that the market will continue its upward momentum. My prediction is for the resistance to be at 0.17500.

DOGE Remains Bullish

As a crypto investor, I’ve noticed an intriguing shift in the Dogecoin market this week. The meme coin has become the center of attention for investors, leading to a significant surge in its price. One clear sign of this trend is the substantial rise in Dogecoin’s trading volume. According to Coinmarketcap data, this figure has soared by over 130% within the last seven days, reaching nearly $2 billion at the present moment.

Simultaneously, there’s been a substantial rise in Dogecoin’s open interest, implying that traders have grown increasingly bullish on DOGE‘s price. According to Coinglass data, the open interest has spiked by 18% within the last 24 hours, reaching a total of $921.4 million – the highest level in the past month. This surge indicates a shift from the previous bearish sentiment. Historically, heightened open interest has often preceded price growth. Therefore, it’s anticipated that the price upward trend will persist.

Currently, the Doge bulls are in control of the market, causing it to surge by more than 8% in the past day. At present, its price stands at $0.164, representing a substantial gain of 122% compared to the same time last year.

Dogecoin Forms Bullish Triangle Pattern, Analyst Reveals The Next Target

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2024-05-22 02:11