The Dogecoin price chart indicates a possible formation of an ascending triangle pattern, which may lead to an increase in its price. In a recent post on X (formerly Twitter) post, a crypto analyst suggested that if the widely-followed meme coin successfully forms this bullish technical pattern, it could see a price elevation to $0.56.
Dogecoin Price Targets $0.5 Surge
Crypto analyst Rekt Capital has noted that Dogecoin is exhibiting characteristics of an emerging Ascending Triangle pattern on its chart, suggesting a potential breakout aimed at a new price target of $0.56. Typically, an Ascending Triangle is identified when a cryptocurrency surpasses the upper horizontal trendline, accompanied by an increase in trading volume. This technical signal is generally seen as bullish as it arises during an upward trend as a continuation pattern.
Rekt Capital’s chart for Dogecoin highlights the cryptocurrency’s price movements in Q4, identifying a potential Ascending Triangle formation that seems to have surfaced after DOGE’s recent rally. Earlier in the month, the Dogecoin price soared from approximately $0.2 to beyond $0.4, achieving notable gains as interest in meme coins surged.
According to the analyst, this bullish trend could potentially strengthen if the Ascending triangle formation is validated. Rekt Capital has indicated that should the current pattern on the Dogecoin chart confirm as an Ascending triangle, the cryptocurrency may experience a substantial price rise to $0.569.
The analyst also noted that if Dogecoin manages to establish this triangle pattern, it could enhance investor confidence and stimulate investment in other meme coins. Just as a Bitcoin price increase influences the price movements of lower-cap altcoins, a surge in Dogecoin’s value similarly affects other meme coins in the market.
Frequently, meme coins such as Shiba Inu (SHIB), Pepe (PEPE), and others tend to follow Dogecoin’s bullish trajectory, experiencing notable price jumps after a slight waning in DOGE’s momentum.
To solidify the Ascending Triangle pattern, Rekt Capital has stated that Dogecoin must close a daily candle above the resistance level at $0.43. This entails that the meme coin needs to maintain trading above this threshold to progress towards $0.56 or higher.
Analyst Claims Dogecoin’s True Target Is Above $2
Renowned crypto analyst Bluntz has revealed that the genuine price target for Dogecoin in this cycle is $2.2. The analyst acknowledged that while the Dogecoin price could reach $1, this target felt less ambitious for the beloved meme coin.
Bluntz also pointed out that the DOGE/BTC pairing has shown remarkable performance this year, and he anticipates that it will reach a new all-time high during this cycle. Presently valued at 0.00000436, the analyst predicts an increase to 0.00002, signifying a 373.68% rise at the 1.618 Fibonacci level.
At the moment, the price of Dogecoin stands at $0.42, representing a 6.5% gain over the past 24 hours, despite a decline of more than 6% in the week preceding. Data from CoinMarketCap has also shown an 82% increase in Dogecoin’s daily trading volume, highlighting growing interest and demand from traders.
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