Dogecoin price just broke out of a unique ascending triangle pattern, signaling that it could be preparing to its next critical level. Following recent market trends, Dogecoin (DOGE) has shown resilience, aiming to reach the $1 threshold despite its inability to overcome resistance levels.
Dogecoin price next critical level at $0.56
Popular crypto trader and analyst Rekt Capital took to X (formerly Twitter) on December 20 to discuss Dogecoin’s next bullish move after breaking out of an ascending triangle pattern. Typically, when a cryptocurrency breaks out of an ascending triangle, it suggests that the price has stabilized above a key resistance line.
A Ascending triangle is a unique uptrend that often forms during an uptrend in price, signaling continued bullish momentum in a cryptocurrency. The pattern is formed by a horizontal resistance line, where the price of the cryptocurrency struggles to break out, and an ascending trendline, where the price forms higher lows over time.
Following Rekt Capital Dogecoin Price ChartThe meme coin started forming an ascending triangle pattern after witnessing a massive pump above $0.35. Dogecoin experienced varying volatility and swings during the pattern as it attempted to break above and stay above the resistance level of $0.4.
Now that Dogecoin has successfully surpassed $0.4 and is currently trading at $0.43, Rekt Capital suggested that the meme coin is gearing up for another pump. The analyst identified the $0.569 level as Dogecoin’s next bullish targetmarking a 32.33% increase from its current level.
Rekt Capital also revealed in its article According to the price chart, the current Dogecoin ascending triangle breakout level represents the top of the pattern, which is between $0.4 and $0.45.
Furthermore, the analyst indicated that a post-breakout retest is also possible for Dogecoin. This means that the price of the cryptocurrency could fall back to the breakout level but will not fall below it, thus confirming a new support zone. Although this crucial move does not always occur, it is considered a healthy bullish sign confirming that the level of an Ascending Triangle cryptocurrency breakout is legitimate.
Dogecoin will see a violent bullish move
Crypto analyst Bluntz also commented on Dogecoin’s successful breakout of its 3-week range around the $0.4 resistance level. The analyst said Dogecoin’s next bullish move “will be violent,” experiencing a similar situation. price pump as was the case at the beginning of the month.
Presenting a price chart, the analyst highlighted that Dogecoin is on track for a rapid and continued price rise to $0.9. This target is close to highly anticipated $1 markthat most analysts project for the price of Dogecoin.
Featured image created with Dall.E, chart from Tradingview.com
