The Dogecoin price chart indicates a possible formation of an ascending triangle pattern, which could push the price to new levels. In an X (formerly Twitter) afterrevealed a crypto analyst that if the popular meme coin succeeds in creating this bullish technical patternthis could cause a price increase to $0.56.
Dogecoin price expected to rise $0.5
According to crypto analyst Rekt Capital, Dogecoin is showing signs of the formation of a possible ascending triangle pattern on its price chart, indicating a possible breakthrough to a new price target at $0.56 target. Usually one Ascending triangle occurs when a cryptocurrency crosses the upper horizontal trendline with a subsequent increase in volume. This technical indicator is often marked as bullish when it forms as a continuation pattern during an uptrend.
Rekt Capital’s Dogecoin chart highlights the cryptocurrency’s price action in this fourth quarter, pointing to a potential Ascending Triangle formation that appears to have begun following DOGE’s recent price rally. Earlier this month the The price of Dogecoin skyrocketed from around $0.2 to over $0.4, posting impressive gains as demand for meme coins soared.
Based on the analyst’s statements, this bullish trend can be increased if the ascending triangle formation is confirmed. Rekt Capital has revealed that if the current pattern on the Dogecoin chart is indeed an ascending triangle, the cryptocurrency could witness a significant price increase to $0.569.
The analyst also reveals that if Dogecoin successfully forms this triangle pattern, it could boost investor confidence and provide triggers money flows to other meme coins. Similar to how a Bitcoin price rally affects the trajectory of lower-capitalization altcoins, a Dogecoin price rise also affects other meme coins in the market.
More often than not, meme coins like Shiba Inu (SHIB), Pepper (PEPPER) and others tend to follow Dogecoin’s bullish trend and experience large price increases after DOGE’s momentum wanes somewhat.
To confirm the ascending triangle pattern, Rekt Capital has revealed that Dogecoin must close a daily candle above the trend resistance level for $0.43. This means that the meme coin needs to trade above this level to head towards $0.56 or higher.
Analyst Says Dogecoin’s Real Target Is Above $2
Prominent crypto analyst Bluntz has done just that revealed that the real price target for Dogecoin this cycle is $2.2. The analyst acknowledged that the The price of Dogecoin could reach $1but this target was a bit disappointing for the popular meme coin.
Bluntz also revealed that the DOGE/BTC pair has had an impressive performance this year, and he expects it to reach a new all-time high this cycle. Currently at 0.00000436, the analyst is predicting a rise to 0.00002, which represents a 373.68% increase at the Fibonacci level of 1.618.
Currently the price of Dogecoin is $0.42, reflecting a 6.5% increase in the past 24 hours, despite a decline of more than 6% in the past week. CoinMarketCap’s data also showed that Dogecoin’s daily trading volume increased by 82%, underscoring increasing interest and demand of investors.
Featured image created with Dall.E, chart from Tradingview.com