Dogecoin Descending Triangle Could Hint At Next Destination For DOGE
An analyst has pointed out how this price level could end up being the next destination of Dogecoin based on a Descending Triangle pattern. Dogecoin Is Moving Inside A Descending Triangle Right Now In a new post on X, an...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
An analyst has pointed out how this price level could end up being the next destination of Dogecoin based on a Descending Triangle pattern.
Dogecoin Is Moving Inside A Descending Triangle Right NowIn a new post on X, analyst Ali Martinez has talked about a pattern that has recently been forming in the price of Dogecoin. The pattern in question is the “Descending Triangle” from technical analysis (TA), which, as its name suggests, looks like a triangle slopped downwards.
The pattern involves two lines between which the price of the asset consolidates: an upper one with a negative slope and a lower one parallel to the time axis. The former is likely to provide resistance to the coin, while the latter can be a point of support.
Like other consolidation patterns in TA, a break out of either of these levels can imply a continuation of the trend in that direction. That is, a surge above the triangle can imply a bullish outcome, while a drop under it may lead to bearish action.
There are also other triangle patterns in TA that work similarly to the Descending Triangle, with the most prominent example being the Ascending Triangle, which has only one difference: it points up rather than down.
Now, here is the chart shared by the analyst that displays the Descending Triangle that Dogecoin has been moving inside recently:
As is visible in the above graph, Dogecoin just recently made a retest of the bottom level of the triangle and successfully found support at it. The memecoin is now on its way up, with a potential retest of the top level to follow. Given the current trajectory of the coin, it might meet the upper line at around $0.198. The coin has already found resistance at the line a few times now, so it’s possible another rejection could take place.
In the scenario that a break does happen, however, Dogecoin could end up seeing a notable rise. “Breaking above the $0.198 resistance could spark a 10% move up to $0.220!” notes Martinez.
From the current spot price, a run to this $0.220 target would imply growth of more than 15% for the cryptocurrency. It now remains to be seen how DOGE develops in the coming days and if this Descending Triangle pattern would have any effect on its trajectory.
DOGE PriceDogecoin enjoyed a sharp rally yesterday as the US presidential elections ended in a win for Donald Trump. At the peak of this surge, the coin approached the $0.220 level, but its price has seen a pullback today as it’s now back under $0.192.
Below is a chart that shows how the price of meme coin has developed over the last few days.
Why this matters
This altcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on NewsBTCRelated market context
Bitcoin holds $82K as analyst sees limited selling pressure despite macro risks
Bitcoin's resilience amid macroeconomic challenges suggests potential for recovery, contingent on broader market sentiment and Fed...
Bitcoin Price Prediction: Strategy Slapped the Buy Button Amid MSCI Delisting Rumours
Strategy added Bitcoin even as an MSCI delisting review put its funding model under scrutiny. BTC traded at $81,500 after recoveri...
The Architecture of Money: Mapping Financial Power in the Age of Bitcoin
Bitcoin Magazine The Architecture of Money: Mapping Financial Power in the Age of Bitcoin Money determines where we live, what we...
No ‘Uptober’ Yet: Bitcoin Slips 2% in a Month That’s Historically Bullish
Bitcoin Magazine No ‘Uptober’ Yet: Bitcoin Slips 2% in a Month That’s Historically Bullish Bitcoin’s price retook $82,000 on Monda...
JPMorgan Bitcoin Forecast Gives BTC a Major Edge Over US Stocks
JPMorgan Asset Management’s first long-term Bitcoin forecast puts its annual compounded return at 10% over 10 to 15 years, above p...
Michael Saylor Teases More Bitcoin After Strategy’s $69.45B Reserve Hits 848,250 BTC
Key Takeaways: Bitcoin bull Michael Saylor suggested that Strategy will be buying another Bitcoin. Currently, Strategy has 848,250...