Dogecoin (Doge) may be on the verge of one Explosive price collectionAs the latest technical analysis reveals that the popular MEME coin can form a distinctly rising triangle pattern on its 4-hour chart. This hausse -liked continuing pattern, in combination with a recovery from one Everywhere relative strength index (RSI)Suggest that a breakout may occur at any time soon.
Dogecoin Eyes Breakout as rising triangular forms
A rising triangle is usually seen as a haus -like diagram pattern, formed by a horizontal resistance line that connects turning high and a rising trend line that connects lower lows. Interestingly, a crypto analyst, Trader Tardigrade, has identified what seems to be a rising triangle that is formed on Dogecoin Price Chart Within the 4-hour time frame.
By analyzing the analyst’s presented diagram, Dogecoin’s price measure shows a series of higher lows along a rising trend line while resistance to $ 0.334 on horizontal level. This rising triangular formation suggests that buyers can gain strength and potentially lead to one Breakout to the upside If the Meme coin violates the resistance level above.
Especially the lower part of the diagram shows that Dogecoin’s RSI indicator Recently went into monitoring of territory and fell below 30%. RSI has since recovered and gains significant speed, with indicators suggesting that it may have room to grow against Over -buy zones over 70%. This positive change in speed indicates a steady increase in purchase pressure, supporting the possibility of one Dogecoin price estimate to new heights.
Based on the diagram’s forecast, Doges price can skyrocket towards the range between $ 0.355 and $ 0.360 if it successfully breaks above the rising triangle Resistance of $ 0.334. Conversely, a rejection at this level of resistance can lead to a reconsideration of the rising trend line before another breakout attempt.
What is the next for Doge?
Despite reports from Coinmarketcap that marks a price decline At over 6% over the past week, Dogecoin remains resilient and strives for new heights over the $ 0.6 brand. A prominent crypto analyst, identified as ‘coinvo’, has announced to his over 324,000 followers that a new Dogecoin High is imminent.
The analyst shared a detailed chart that illustrated the Doge price measure over a multi-year period on a weekly time frame. He emphasized two primary resistance levels, which suggests that the MEME coin could soon rise to a new ath.
The first resistance level$ 0.015, was broken in early 2021 during the previous bull driving, which led to a parabolic price increase in Dogecoin. The second level of resistance, $ 0.6, represents Dogecoins All-Time High 2021, which its current price seems to be approaching again.
Doge currently trading at $ 0.33, after experiencing a prolonged decline and consolidation Between 2022 and 2023. Based on historical trends, the price of the Meme coin can approach its former peak, as it follows a similar haussey path as 2021 Bull Run.
Image from Unsplash, chart from tradingview.com
