Dogecoin, the popular meme coin, is currently showing signs of forming an Ascending Triangle pattern on its price chart, which could potentially lead to a breakout to a new price target of $0.56. This bullish technical indicator typically forms during an uptrend as a continuation pattern, indicating a potential price surge in the near future. Analysts are closely monitoring Dogecoin’s price action to confirm the formation of this pattern and predict a significant increase in its value.
The recent price rally of Dogecoin, which saw its price surge from around $0.2 to over $0.4, has sparked interest among investors and crypto enthusiasts. If the Ascending Triangle pattern is confirmed, Dogecoin could potentially witness a substantial price increase to $0.569, according to Rekt Capital. This positive price action could also boost investor confidence and lead to a flow of money into other meme coins in the market, similar to the impact of a Bitcoin price rally on lower-cap altcoins.
Meme coins like Shiba Inu and Pepe often follow Dogecoin’s bullish trend, experiencing significant price increases after DOGE’s momentum subsides slightly. For the Ascending Triangle pattern to be confirmed, Dogecoin needs to close a daily candle above the resistance level at $0.43. This will pave the way for a potential move towards $0.56 or higher, indicating a positive trend for the meme coin in the coming days.
Another prominent crypto analyst, Bluntz, has disclosed that the real price target for Dogecoin in this cycle is $2.2. While some analysts predict a price target of $1 for Dogecoin, Bluntz believes that the meme coin has the potential to reach even higher levels. The analyst also highlighted the impressive performance of the DOGE/BTC pair this year and projected a new all-time high for the pair in the current cycle, indicating a significant increase in value.
Despite experiencing fluctuations in the past week, the price of Dogecoin has surged by 6.5% in the last 24 hours to reach $0.42. This positive price action is supported by an 82% increase in daily trading volume, indicating growing interest and demand from investors. As Dogecoin continues to show signs of a potential price rally and pattern formation, analysts and investors are closely monitoring its price chart for further indications of a bullish trend in the market.
