Dotecoin (Doge) could stand by one Explosive price rallyThe latest technical analysis shows that the popular meme coin in its 4-hour table forms an unmistakable ascending triangle pattern. This bullish sequel pattern, combined with a back rash from one Oversized relative strength index (RSI)suggests that a breakout could soon take place at any time.
Dotecoin eyes breakout as rising triangular shapes
An ascending triangle is typically regarded as a bullish diagram pattern, which is formed by a horizontal resistance line that combines swing high and an increasing trend line with lower depths. Interestingly, a crypto analyst, dealer Tarderrade, has identified What seems to be an ascending triangle that forms on it Dowecoin Prize -Igram in the 4-hour period.
The price campaign of dogecoins analysis of the analyst’s diagram presented shows a number of higher lows along an ascending trend line, while Exposed resistance at $ 0.334 on a horizontal level. This rising triangular formation suggests that buyers may gain strength, which may lead to one Outbreak When the Meme coin violates the above resistance level.
In particular, the lower part of the table shows that Dogecoins RSI indicator They recently enter the oversized area and fell below 30%. The RSI has recovered since then and gains considerable dynamics, whereby the indicators indicate that it can have space to climb overbought zoneS over 70%. This positive shift of the impulse shows a steady increase in buying pressure and supports the possibility of A Dotecoin price appreciation to new heights.
Based on the forecast of the diagram, the price of Doge could increase between 0.355 and 0.360 US dollars if it breaks successfully above the rising triangle Resistance at $ 0.334. Conversely, a rejection to this resistance level could lead to a renewed test of the rising trend line before another breakout attempt.
What’s next for Doge?
Despite reports of coinmarketcap that highlight A Price Waste Dogecoin remains resistant of over 6% last week and aims at new heights above the 0.6 dollar brand. A prominent crypto analyst that was identified as “Coinvo” has announced To his over 324,000 followers who have a new one Dogecoin all -time high is imminent.
The analyst shared a detailed diagram that illustrates the Doge price campaign over a period of several years for a weekly period. He emphasized two primary level of resistance, which indicates that the Meme coin could soon rise to a new ATH.
The first Level of resistance0.015 US dollars was interrupted in early 2021 during the previous bull run, which led to a parabolic price boost in Dogecoin. The second level of $ 0.6 represents the all-time high of Dotecoin in 2021, which is approaching the current price again.
Doge currently acts with $ 0.33 after he has experienced A longer downward trend and consolidation Between 2022 and 2023. Based on historical trends, the price of the Meme coin could stand to its previous climax, since it follows a Bullische trajectory similar to the Bull run from 2021.
Selected picture of Unsplash, diagram of tradingview.com