Emily Walker
The price chart for Dogecoin suggests it might create an ascending triangle pattern, which could lead to a significant price increase. In a recent post on X (formerly Twitter), a crypto analyst mentioned that if the popular meme cryptocurrency successfully develops this bullish pattern, it might surge to $0.56.
Dogecoin Aiming for $0.5 Increase
Crypto analyst Rekt Capital has pointed out that Dogecoin is likely forming an Ascending Triangle on its price chart, which could lead to a breakout aimed at a price of $0.56. An Ascending Triangle typically occurs when the cryptocurrency surpasses the upper horizontal trend line along with an increase in trading volume, making it a bullish indicator during an uptrend.
Rekt Capital’s analysis of Dogecoin’s price movements this quarter reveals a potential Ascending Triangle that seems to have emerged following a recent rally. Earlier this month, Dogecoin’s value surged from approximately $0.2 to over $0.4, showcasing substantial gains amidst a growing interest in meme coins.
If the Ascending Triangle pattern is confirmed, it could further strengthen this bullish trend. According to Rekt Capital, if the current trend indeed reflects an Ascending Triangle, Dogecoin could experience a notable price rise to $0.569.
The analyst also noted that a confirmed triangle pattern could boost investor confidence and draw more investments into other meme coins. Just as Bitcoin’s price movements often affect smaller altcoins, a significant rise in Dogecoin’s value is likely to influence other meme coins significantly.
Coins like Shiba Inu (SHIB), Pepe (PEPE), and similar cryptocurrencies frequently see price increases following Dogecoin’s positive performance once DOGE’s momentum eases a bit.
For the Ascending Triangle to be validated, Rekt Capital mentioned that Dogecoin must close a daily candle above the $0.43 resistance level. This closing above the specified level is crucial for the meme coin to reach $0.56 or higher.
Analyst Predicts Dogecoin’s True Target Over $2
Bluntz also pointed out that the DOGE/BTC trading pair has performed exceptionally well this year, expecting it could reach a new all-time high in this cycle. At the moment, it stands at 0.00000436, and he forecasts a rise to 0.00002, translating to a 373.68% increase at the 1.618 Fibonacci level.
The current price of Dogecoin is $0.42, marking a 6.5% rise over the past 24 hours, though it has seen a decline of over 6% within the last week. CoinMarketCap shows that Dogecoin’s daily trading volume surged by 82%, indicating a growing interest and demand among investors.