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Dogecoin (DOGE), the number one meme coin, is making headlines once again, and this time, it’s due to the sudden formation of an Ascending Triangle pattern on its daily chart. This promising technical setup has caught the eye of a crypto analyst, who now forecasts an imminent bullish breakout that could propel DOGE to higher prices.
Dogecoin Prepares For Solid Breakout To $0.285
A fresh analysis posted on X (formerly Twitter) by market expert Trader Tardigrade suggests that Dogecoin has established a clear Ascending Triangle structure on the daily timeframe. This pattern, characterized by a rising support trendline and a relatively flat resistance zone, typically signals a bullish continuation if a cryptocurrency successfully breaks above resistance.
Interestingly, the appearance of this chart formation has prompted the analyst to issue a bullish forecast, expecting Dogecoin to target the $0.285 price level once it breaks out of the triangle. Trader Tardigrade’s chart indicates that Dogecoin has already completed four key touches with the triangle — two on the ascending support and two on the upper boundary of the pattern.
A fifth touch appears to be forming, setting the stage for a possible breakout. As a result, the crypto analyst predicts that, upon breaking above resistance, Dogecoin could rally toward the $0.285 level, highlighted by the ascending purple arrow.
While DOGE’s price action remains within the Ascending Triangle, for now, Trader Tardigrade watches as the meme coin tests the upper boundary. If momentum holds and volume supports this move, Dogecoin could see a 42.5% jump from its current price of $0.206.
Converging Wedge Support DOGE Bullish Outlook
Backing Trader Tardigrade’s bullish forecast of a potential short-term rally to $0.285 is a converging wedge pattern on the Dogecoin H4 chart. This chart formation typically signals a period of price compression before a breakout.
The analysis shows that Dogecoin is trading within two gradually narrowing trendlines—one sloping downward, acting as resistance, and the other sloping upward, providing solid support. DOGE’s price has respected these boundaries over multiple sessions, bouncing between them as it consolidates.
Trader Tardigrade noted that Dogecoin is currently sitting right on the support line, a critical juncture that could determine its next major move. The current wedge structure also suggests that bulls may soon take the upper hand, as the projected path drawn on the chart outlines a possible minor retest before a bullish breakout.
This breakout would ultimately push the Dogecoin price beyond the upper resistance line, potentially driving it past the $0.285 level and toward $0.29. The peak of the large green arrow on the price chart reflects this projected rally, hinting at renewed upward momentum for DOGE. In the meantime, all eyes are on the support line as Dogecoin coils tightly within this narrow range.
Featured image from Getty Images, chart from Tradingview.com
Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott’s dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.
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