Dogecoin Price Analysis: Ascending Triangle On 2-Hour Chart Shows DOGE Is Still Very Bullish

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As a seasoned analyst with over two decades of experience in the financial markets, I find the current bullish outlook for Dogecoin intriguing. Having closely followed the meme coin’s price action since its inception, I can attest to its unique trajectory and resilience.

Cryptocurrency expert KrissPax offers an optimistic forecast regarding Dogecoin‘s price, pointing out that this popular meme coin remains highly bullish. Currently, DOGE is experiencing a period of stabilization, following a substantial upward trend from October to early November.

Dogecoin Price Still Very Bullish Despite Recent Cool Off

In a more current update from KrissPax’s post, it’s pointed out that Dogecoin’s price remains optimistic following its recent dip. The crypto expert has identified an ascending triangle pattern in Dogecoin’s 2-hour chart, which typically indicates a bullish trend. Key features of this pattern include a horizontal resistance line at the top (flat), lower highs being replaced by higher lows, and even a flush out of leverage.

It’s not just KrissPax who has pointed out an increasing triangle configuration on the DOGE price chart, which suggests a positive perspective for Dogecoin’s value. Similarly, crypto analyst Rekt Capital recently brought attention to this bullish pattern and proposed that if Dogecoin breaks free from this consolidation triangle, it could potentially surge to $0.56.

As an analyst, I’ve noticed that after its parabolic surge from October to early November, the Dogecoin price has been holding steady within the $0.4 range. Despite this recent cooling off phase, seasoned crypto analysts such as Master Kenobi and Kevin Capital predict that the meme coin’s price movement remains bullish and is simply following an expected pattern.

Based on these experts’ observations, during the previous bull market, Dogecoin’s price stabilized for approximately 25 days following its initial bull phase before experiencing another upward surge. It appears that history may be repeating itself, as the leading meme coin has also been consolidating for a comparable period of time more recently.

The cooling-off period for Dogecoin’s price might be nearing its end, given it has remained stable for approximately 25 days. Notably, Master Kenobi forecasts a potential surge in the coming days for Dogecoin, possibly pushing it to $1 initially, and potentially reaching an even higher mark of around $2.9.

DOGE’s Next Leg Will Be “Violent”

According to analyst Bluntz Capital, posted on X, there’s a strong possibility that Dogecoin will experience a significant price surge in its upcoming rise. He believes that when Dogecoin breaks free from its 3-week accumulation pattern, it could lead to a dramatic increase in value, possibly reaching $0.6. His chart illustrates this prediction for the popular meme coin.

According to crypto analyst Crow’s prediction, the upcoming surge in Dogecoin’s value is likely to bring it near its present record high of $0.73. Furthermore, he advised market participants not to underestimate Dogecoin (DOGE), as his chart suggests that the meme coin might even surpass its current record high during this next growth phase.

As I pen this analysis, the current value of Dogecoin stands at approximately $0.43. Over the past 24 hours, it has seen a decrease of around 4%. These findings are derived from the latest data available on CoinMarketCap.

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2024-12-06 21:40