Dogecoin Price Is Forming A Possible Ascending Triangle That Could Catapult Price To $0.56

The Dogecoin price chart hints at a possible ascending triangle pattern formation, which could propel its price to recent levels. In an X (formerly Twitter) post, a crypto analyst revealed that if the favored meme coin succeeds in creating this bullish technical pattern, it could trigger a price surge to $0.56.

Dogecoin Price Eyes $0.5 Surge

In response to crypto analyst Rekt Capital, Dogecoin is showing signs of forming a possible Ascending Triangle pattern on its price chart, signaling a potential breakout to a recent price goal at $0.56 goal. Typically, an Ascending Triangle forms when a cryptocurrency breaches the upper horizontal trend line with a subsequent rise in volume. This technical indicator is commonly flagged as bullish because it forms during an uptrend as a continuation pattern.

Source: X

Rekt Capital’s Dogecoin chart highlights the cryptocurrency’s price motion this Q4, pinpointing a possible Ascending Triangle formation that appears to have began following DOGE’s recent price rally. Earlier this month, the Dogecoin price skyrocketed from around $0.2 to over $0.4, recording impressive gains because the demand for meme coins surged.

Based on the analyst’s statements, this bullish trend may very well be augmented if the Ascending triangle formation is confirmed. Rekt Capital has revealed that if the present pattern within the Dogecoin chart is indeed an Ascending triangle, the cryptocurrency could witness a big price increase to $0.569.

The analyst also reveals that if Dogecoin successfully forms this triangle pattern, it could increase investor confidence and trigger money flow into other meme coins. Much like how a Bitcoin price rally influences the trajectory of lower-cap altcoins, a Dogecoin price surge also impacts other meme coins out there.

As a rule, meme coins like Shiba Inu (SHIB), Pepe (PEPE) and others are likely to follow Dogecoin’s bullish trend, experiencing major price increases after the DOGE’s momentum diminishes barely.

For the Ascending Triangle pattern to be confirmed, Rekt Capital has revealed that Dogecoin needs to shut a each day candle above the resistance level at $0.43. This implies the meme coin must trade above this level to maneuver towards $0.56 or higher.

Analyst Says Dogecoin’s Real Goal Is Above $2

Outstanding crypto analyst Bluntz has disclosed that the actual price goal for Dogecoin this cycle is $2.2. The analyst acknowledged that the Dogecoin price could reach $1, but this goal was a bit underwhelming for the favored meme coin.

Bluntz has also revealed that the DOGE/BTC pair has had a formidable performance this 12 months, and he expects it to hit a recent all-time high this cycle. Currently, at 0.00000436, the analyst projected an increase to 0.00002, marking a 373.68% increase on the 1.618 Fibonacci level.

Currently, the price of Dogecoin is $0.42, reflecting a 6.5% surge within the last 24 hours despite declining by over 6% prior to now week. CoinMarketCap’s data has also revealed that the Dogecoin each day trading volume is up 82%, underscoring increasing interest and demand from investors.