DOGE price has been trading inside an ascending triangle pattern on the daily chart since February 2023. The meme coin is on the verge of a massive breakout that could propel it to new highs.
According to the ascending triangle theory, the breakout target is measured by adding the pattern’s height to the breakout point. In this case, the DOGE price could surge by 20% from $0.08 to $0.096.
The increasing volume and the positive momentum indicators also support the bullish outlook. The RSI is above 50, and the MACD is in the green zone, indicating that the buyers have the upper hand.
#Dogecoin appears to be forming an ascending triangle on its 12-hour chart.
Watch out for a 12-hour candlestick close above the 200EMA, which could trigger a 20% upswing for $DOGE toward $0.093. A sustained drop below $0.072 can serve as invalidation. pic.twitter.com/zzQ9MD1C5r
— Ali (@ali_charts) April 1, 2023
However, the DOGE price needs to clear the resistance trendline of the triangle at $0.082 to confirm the breakout. A daily close above this level would validate the bullish scenario and open the doors for more gains.
On the other hand, if the DOGE price fails to break above the triangle, it could retrace to the support trendline at $0.075 or lower. A breakdown below this level would invalidate the ascending triangle pattern and signal a bearish reversal.
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