- Dogecoin shows breakout potential with an ascending triangle pattern.
- Traders eye a move above $0.0450, creating a potential buying opportunity.
- Successful pattern validation could push DOGE toward $0.07195, but failure at $0.06450 may lead to $0.05835 support.
Dogecoin (DOGE) has been in a consolidation phase for the past three weeks, but there are exciting signs that it might be on the verge of a breakout. The cryptocurrency market has been closely watching DOGE’s movements, and here’s a detailed analysis of its potential breakout scenario.
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One of the most promising aspects of DOGE’s current chart is forming an ascending triangle pattern. Over the past few days, DOGE has consistently printed higher lows, creating this bullish pattern.
Source: TradingView
If this pattern is confirmed, it could pave the way for DOGE to breach the next significant resistance level at $0.0450 within 24 to 48 hours. This presents an enticing buying opportunity for traders looking to capitalize on potential gains.
Furthermore, if DOGE breaks above $0.0450, it could set the stage for a further upward trajectory. Over the next seven days, DOGE might aim for the next major barrier at $0.07195. This level has been on the radar of many investors and could serve as a significant target for those riding the bullish wave.
However, keeping a close eye on the $0.06450 level in the coming 48 hours is essential. If DOGE fails to close a daily candle above this mark, it may experience a setback and drop to the $0.05835 support level. Traders should be cautious and watch for price action around this critical level to gauge the cryptocurrency’s short-term performance.
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