Dogecoin Is Moving Inside A Descending Triangle Right Now

In a new post on X, analyst Ali Martinez has talked about a pattern that has recently been forming in the price of Dogecoin.

Dogecoin price analysis shows meme coin consolidating inside descending triangle formation. DOGE price could be eyeing next target of $0.220 if it breaks above triangle resistance.

Dogecoin price analysis is bullish today as meme coin found support at the bottom of the descending triangle and now looks to retest the top. From there, a breakout could lead DOGE price towards the $0.220 next resistance.

DOGE/USD opened today at $0.191 after a strong decline yesterday. Further downside followed overnight as DOGE price reached as low as $0.187. However, buyers quickly stepped in and pushed the price back up to the bottom of the triangle.

DOGE price now trades above the 50 Moving Average (MA) on the 4-hour chart, indicating bullish momentum. The Relative Strength Index (RSI) is also in the neutral zone and provides room for further upside.

DOGE price key resistance levels to watch

The 4-hour chart for Dogecoin price analysis shows a clear descending triangle formation. This pattern is usually bearish and suggests that the price is likely to continue its downtrend after breaking out of the triangle.

However, in the case of DOGE price analysis, the triangle is pointing upwards, which could indicate a bullish breakout. If the price breaks out of the triangle to the upside, it could continue its rally towards the next resistance at $0.220.

On the other hand, if the price breaks out of the triangle to the downside, it could fall towards the next support at $0.180.

Overall, the technical outlook for DOGE price analysis is bullish today. The price is consolidating inside a descending triangle formation and could be eyeing the next resistance at $0.220.