Dogecoin (DOGE) Eyes Breakout As Ascending Triangle Forms

Dogecoin (DOGE) could be on the verge of an explosive price rally, as recent technical analysis reveals that the popular meme coin may be forming a distinctive Ascending Triangle pattern on its 4-hour chart.

Dogecoin (DOGE) price could be preparing for a breakout as recent technical analysis on its 4-hour chart suggests the formation of an Ascending Triangle pattern. This bullish continuation pattern, coupled with a rebound from an oversold RSI reading, indicates a potential explosive price rally for DOGE.

4-hr DOGE/USD price chart displaying an Ascending Triangle formation. Source: TradingView

Chart analysis reveals a series of higher lows forming an ascending trendline as buyers attempt to push Dogecoin’s price up, while encountering resistance at $0.334 on the horizontal level. This price action creates the Ascending Triangle as the upper converging trendline connects the swing highs.

A breakout from this ascending triangle is anticipated as buyers aim to drive DOGE's price above the resistance at $0.334. If this breakout occurs, it could lead to a rapid ascent toward the next price range between $0.355 and $0.360.

However, a failure to penetrate this resistance may result in a retest of the ascending trendline before another breakout attempt.

Meanwhile, the lower section of the chart showcases how Dogecoin’s RSI on the 4-hour time frame recently dropped below the 30% threshold, indicating an oversold condition. This triggered a rebound in the RSI as it gains momentum, with indicators suggesting it may have room to surge toward overbought zones above 70%.

This positive shift in momentum is also observed in a steady increase in buying volume as the histogram bars turn green, showing a stronger buying pressure which could propel Dogecoin’s price to new highs.

Based on the chart's forecast, if DOGE's price manages to break out above the Ascending Triangle resistance at $0.334, it could propel the meme coin toward the range between $0.355 and $0.360.

CoinMarketCapالاتی معلومات کے مطابق، past seven days میں DOGE کی قیمت میں کمی واقع ہوئی ہے، جس کی شرح CoinMarketCapالاتی معلومات کے مطابق، past seven days میں DOGE کی قیمت میں کمی واقع ہوئی ہے، جس کی شرح CoinMarketCapالاتی معلومات کے مطابق، past seven days میں DOGE کی قیمت میں کمی واقع ہوئی ہے، جس کی شرح CoinMarketCapالاتی معلومات کے مطابق، past seven days میں DOGE کی قیمت میں کمی واقع ہوئی ہے، جس کی شرح CoinMarketCapالاتی معلومات کے مطابق، past seven days میں DOGE کی قیمت میں کمی واقع ہوئی ہے، جس کی شرح CoinMarketCapالاتی معلومات کے مطابق، past seven days میں DOGE کی قیمت میں کمی واقع ہوئی ہے، جس کی شرح6% سے زیادہ بتائی گئی ہے، لیکن اس کے باوجود بھی یہ meme coin $0.6 سے اوپر نئی اونچائیوں کو چھونے کے لیے پرعزم نظر آ رہا ہے۔

A prominent crypto analyst, known as ‘Coinvo’, recently shared an update on DOGE’s price action with his 324,400 followers, highlighting two primary resistance levels that suggest the meme coin may be nearing a new all-time high (ATH).

The analyst shared a detailed chart illustrating DOGE's price action over a multi-year period on a weekly time frame. He highlighted two primary resistance levels, which suggests that the meme coin may be nearing a new ATH soon.

A close-up view of the two key resistance levels on DOGE's weekly price chart. Source: Coinvo / Twitter

The first resistance level, at $0.015, was breached in early 2021 during the previous bull run, leading to a parabolic price surge in Dogecoin. The second resistance level, at $0.6, marks Dogecoin's all-time high in 2021, which the meme coin's current price appears to be approaching once again.

DOGE's price is currently hovering around $0.33, having faced a prolonged downtrend and consolidation period between 2022 and 2023. This price action, when viewed in the context of historical trends, suggests that DOGE's price may be nearing its previous peak as it follows a similar bullish trajectory to the 2021 bull run.