Dogecoin (Doge) could be on the edge of a Explosive Price RallyAs a recent technical analysis, it reveals that the Popular Meme currency can be forming a distinctive ascending triangle pattern in its 4 -hour table. This optimistic continuation pattern, combined with a rebound of a Relative over -sales force index (RSI)It suggests that a break could happen soon.
Dogecoin Eyes Breakout as an ascending triangle form
An ascending triangle It is typically seen as a bullish graphic pattern, formed by a horizontal resistance line that connects the ups and downs and an ascending trend line that connects lower minimums. Interestingly, a cryptographic analyst, trader tardigrade, has identified What seems to be an ascending triangle forming in the Dogecoin price chart Within 4 hours.
When analyzing the analyst’s presented table, the Dogecoin price action shows a series of higher minimums along an ascending trend line while facing resistance at $ 0.334 at the horizontal level. This ascending triangle formation suggests that buyers may be gaining strength, which can lead to a Breakout To The Upside If the currency violates the previous resistance level.
In particular, the lower part of the table shows that Dogecoin RSI indicator Recently it entered over -sales territory, falling below 30%. Since then, the RSI has recovered and is gaining a significant impulse, with indicators that suggest that they can have space to increase overcompra zones above 70%. This positive change in impulse indicates a constant increase in purchase pressure, which supports the possibility of a Dogecoin price appreciation to new maximums.
Based on the prognosis of the table, Doge’s price could be fired towards the range between $ 0.355 and $ 0.360 if it breaks successfully About the ascending triangle Resistance at $ 0.334. On the contrary, a rejection of this level of resistance could lead to a new test of the ascending trend line before another attempt to break.
What follows Doge?
Despite coinmarketcap reports, highlighting a price decline Of more than 6% in the last week, Dogecoin is still resistant, aiming at new maximums above the $ 0.6 brand. An outstanding cryptographic analyst, identified as ‘Coinvo’, has announced to its more than 324,000 followers than a new Dogecoin of all time is imminent.
The analyst shared a detailed table that illustrates Doge’s price action for a period of several years within a weekly term. He highlighted two primary resistance levels, suggesting that the meme coin could reach a new ATH soon.
The first resistance level$ 0.015, broke in early 2021 during the previous bull race, which led to an increase in parabolic prices in Dogecoin. The second level of resistance, $ 0.6, represents the historical maximum of Dogecoin in 2021, which its current price seems to be approaching again.
Doge is currently traded at $ 0.33, having experienced a prolonged low trend and consolidation Between 2022 and 2023. Based on historical trends, the price of memes currency could be close to its previous peak, since it follows an upward trajectory similar to the 2021 bull career.
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