Dogecoin (DOGE) Price Prediction: Meme Coin Forms Bullish Price Action and Is Poised for a Massive Upside Momentum

Amidst the ongoing market uncertainty, Dogecoin (DOGE), the popular and top crypto meme coin, has formed bullish price action and is poised for a massive upside momentum.

Dogecoin (DOGE) price has formed bullish price action and is poised for a massive upside momentum, especially amid the ongoing market uncertainty.

Dogecoin Technical Analysis

Dogecoin is currently trading at $0.172, having risen by 2% today, March 20, and is showing signs of a breakout from an ascending triangle pattern on the 4-hour time frame.

This ascending triangle pattern, formed by two converging lines and a series of higher lows, is a bullish indicator that traders use to identify the continuation of the existing price trend.

The ascending triangle has a neckline at the $0.178 level, which is the price level that traders will be watching closely for a breakout.

If Dogecoin can break above this level and close a 4-hour candle above $0.18, then there is a good chance that it could surge towards the $0.205 price point in the coming days.

However, if the meme coin fails to break above this level, then it could decline towards the $0.165 level in the future.

According to expert technical analysis, if the meme coin breaks out of this pattern, then it could rise by 15% to reach the next price target of $0.205.

This analysis is based on the historical price momentum of the meme coin.

According to the data from on-chain analytics firm Glassnode, the meme coin’s price used to move up by 15% after it broke out of a pattern.

However, if the meme coin fails to break out of this pattern, then it could decline further to the $0.165 level.

This analysis is based on the fact that the meme coin’s price used to drop by 14% if it failed to break out of a pattern, according to the data from Glassnode.

Traders’ View On Dogecoin

With the positive price action, intraday traders also seem bullish on DOGE, as they have been busy placing bets on the long side, according to the data from on-chain analytics firm Coinglass.

The data shows that traders are currently over-leveraged at $0.168 on the lower side, where they have built $16.20 million in long positions.

While on the higher side, traders are over-leveraged at $0.175, where they have built $5.30 million in short positions.

These over-leveraged levels and traders’ bets clearly indicate that bulls are currently dominating and could push the meme coin to breach the current resistance level.

At this point, if the meme coin manages to break above this level, then traders could be seen massively covering their short positions, which could push the meme coin to rise further and faster.

Moreover, if the meme coin fails to break above this level and drops back down, then traders could be seen massively liquidating their long positions, which could push the meme coin to decline sharply.

However, the overall cryptocurrency market sentiment today is bullish, as top assets, including Bitcoin (BTC), Ethereum (ETH), and XRP, have registered impressive gains.