Dogecoin price just broke out of a unique Ascending Triangle pattern, indicating that it could be preparing for your next critical level. Following recent market trends, Dogecoin (DOGE) has demonstrated resilience, with the goal of reaching the $1 threshold despite not exceeding resistance levels.
Dogecoin Price: Next Critical Level at $0.56
Popular cryptocurrency trader and analyst Rekt Capital visited X (formerly Twitter) on December 20 to discuss Dogecoin’s next bullish move after it broke out of an Ascending Triangle pattern. Typically, when a cryptocurrency breaks out of an Ascending Triangle, it suggests that the price has stabilized above a key resistance line.
A Ascending triangle is a unique bullish pattern that often forms during an uptrend in price, indicating the continuation of a cryptocurrency’s upward momentum. The pattern is formed by a horizontal resistance line, where the cryptocurrency’s price struggles to break out, and an ascending trend line, where the price forms higher lows over time.
Following Rekt Capital Dogecoin price chartThe meme coin started forming an Ascending Triangle pattern after witnessing a massive rise above $0.35. Dogecoin experienced various volatilities and fluctuations during the pattern as it attempted to break out and stay above. the $0.4 resistance level.
Now that Dogecoin has successfully broken through $0.4 and is currently trading at $0.43, Rekt Capital has suggested that the meme coin is gearing up for another pump. The analyst pointed to the $0.569 level as Dogecoin’s Next Bullish Targetwhich represents an increase of 32.33% compared to its current level.
Rekt Capital also revealed in its X post that after an Ascending Triangle breakout, the price of a cryptocurrency often returns to its breakout level to retest it. According to the price chart, the breakout level of Dogecoin’s current ascending triangle represents the top of the pattern, which is between $0.4 and $0.45.
Furthermore, the analyst has indicated that a new post-breakout test for Dogecoin is also possible. This means that the cryptocurrency price could fall back to the breakout level, but will not fall below it, confirming a new support zone. While this crucial move does not always occur, it is considered a healthy bullish signal confirming that an Ascending Triangle cryptocurrency breakout It’s legit.
Dogecoin will see a violent bullish movement
The cryptanalyst Bluntz has also commented on Dogecoin’s successful breakout of its 3-week range around the $0.4 resistance level. The analyst has stated that Dogecoin’s next bullish move “will be violent” and will experience similar intensity. price bomb as he did earlier this month.
Presenting a price chart, the analyst emphasized that Dogecoin is on track for a rapid and continued price rise to $0.9. This objective is closer to highly anticipated $1 brandthat most analysts project for the price of Dogecoin.
Featured image created with Dall.E, chart from Tradingview.com
