The Dogecoin (DOGE) price stands at a critical juncture as technical analysts point toward a potentially significant breakout. Renowned crypto analyst Rekt Capital has identified a pivotal pattern on the DOGE/USD daily price chart, suggesting an imminent surge.
Will Dogecoin Price Confirm The Breakout Today?
The daily chart of Dogecoin reveals an ascending triangle formation that has been developing over recent weeks. This pattern is typically considered a bullish continuation signal, characterized by a horizontal upper resistance line and a rising lower support line. The formation indicates accumulating buying pressure, as each price retracement becomes shallower—implying that bulls are willing to buy at higher lows.
The top horizontal line of the triangle sits at approximately $0.44, a level that has been tested multiple times and serves as a significant barrier for upward movement. The ascending support trendline begins around $0.34 and rises gently, forming the triangle’s lower boundary and highlighting increasing support levels.
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Rekt Capital emphasizes the importance of the current price action, stating: “Dogecoin has followed every Bitcoin thus far. Now retesting the top of the Ascending Triangle as support. Successful retest here is crucial to precede a confirmed breakout.” If this retest solidifies the triangle’s upper resistance as a new support level, it could pave the way for a substantial price increase.
The potential breakout target can be calculated by measuring the maximum height of the triangle—from the base near $0.34 to the top at $0.44—and projecting it upwards from the breakout point. This suggests that Dogecoin could potentially reach or exceed the $0.54 mark.
Dogecoin Price Analysis (4-Hour Chart)
Another prominent crypto analyst, Satoshi Flipper (@SatoshiFlipper), has provided insights based on the 4-hour DOGE/USD chart. He notes: “DOGECOIN/usdt 4 hour: DOGE still consolidating, for almost 1 month now, but this flawless ascending channel is filling out nicely and the breakout is going to be EPIC, just wait.”
The chart illustrates an ascending channel pattern, characterized by two parallel upward-sloping lines containing the price action. This pattern is recognized as bullish,…
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