Dogecoin (DOGE) is eyeing a massive 16% price increase and has formed an ascending triangle with a bullish target of $0.208.
By Parth Dubey
Updated
3 mins read
Dogecoin (DOGE) is currently trading around $0.1723, with no notable gains or losses in the past 24 hours. However, prominent crypto analyst Ali Martinez has shared an hourly chart, highlighting a consolidation range between $0.16 and $0.18.
Martinez has stated that a definitive close outside this range could trigger a 16% price move, indicating a possible breakout scenario for DOGE.
According to Martinez’s chart, Dogecoin has formed a classic ascending triangle–a pattern formed when price makes higher lows while facing resistance at a horizontal level. In this chart, the horizontal resistance is around $0.177 while the trendline of higher lows is acting as support.
A breakout above this level could push Dogecoin toward $0.208, calculated by adding the triangle’s height ($0.031) to the breakout point. If price fails to break out and drops below support, it could decline to $0.146 or lower.
On the daily price chart, the largest meme coin has been forming a falling wedge pattern since mid-November. A falling wedge is a bullish reversal pattern, where breakout typically occurs to the upside, signaling a strong rally.
The Moon Show Founder, Carl Moon, has set a bold price target of $0.434, a 150% increase from the current price level.
Meanwhile, the Bollinger Bands show that DOGE is currently trading near the mid band (SMA around $0.18). If the price breaks above this level, it could confirm an upward momentum shift.
On the other hand, the RSI is currently hovering around 52, indicating increasing buying pressure. The key resistance levels to watch are $0.18 and $0.20. If DOGE can sustain a breakout above $0.18, it could push toward $0.25 and beyond.
The token also records an immediate support of $0.16, with stronger support at $0.14. A breakdown below these levels could signal bearish pressure.
Interestingly, crypto analyst Andrew Griffiths has pointed out that Dogecoin has successfully held above its 1-month MA50 this month. Historically, DOGE has followed similar cycles, though this time with reduced volatility due to a more mature market.
Moreover, the 1-week Relative Strength Index (RSI) suggests that the token is currently at the bottom of the final bull cycle pullback. Griffiths has forecasted a potential rise to $1 by the end of the year.
It is important to note that despite the ongoing meme coin market slump, DOGE records a 30% gain in its value in the past year. However, the token is still 76% down from its peak of $0.7376, achieved in May, 2021, CoinMarketCap data shows.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.