Dogecoin Descending Triangle Could Hint At Next Destination For DOGE
08 Novembre 2024 - 11:00AM
NEWSBTC
An analyst has pointed out how this price level could end up being
the next destination of Dogecoin based on a Descending Triangle
pattern. Dogecoin Is Moving Inside A Descending Triangle Right Now
In a new post on X, analyst Ali Martinez has talked about a pattern
that has recently been forming in the price of Dogecoin. The
pattern in question is the “Descending Triangle” from technical
analysis (TA), which, as its name suggests, looks like a triangle
slopped downwards. The pattern involves two lines between which the
price of the asset consolidates: an upper one with a negative slope
and a lower one parallel to the time axis. The former is likely to
provide resistance to the coin, while the latter can be a point of
support. Related Reading: Bitcoin Records $75,000 All-Time High:
Here’s If BTC Is ‘Overheated’ Now Like other consolidation patterns
in TA, a break out of either of these levels can imply a
continuation of the trend in that direction. That is, a surge above
the triangle can imply a bullish outcome, while a drop under it may
lead to bearish action. There are also other triangle patterns in
TA that work similarly to the Descending Triangle, with the most
prominent example being the Ascending Triangle, which has only one
difference: it points up rather than down. Now, here is the chart
shared by the analyst that displays the Descending Triangle that
Dogecoin has been moving inside recently: As is visible in the
above graph, Dogecoin just recently made a retest of the bottom
level of the triangle and successfully found support at it. The
memecoin is now on its way up, with a potential retest of the top
level to follow. Given the current trajectory of the coin, it might
meet the upper line at around $0.198. The coin has already found
resistance at the line a few times now, so it’s possible another
rejection could take place. Related Reading: Ethereum Volatility
Soon? Derivatives Exchanges Receive 82,000 ETH In Deposits In the
scenario that a break does happen, however, Dogecoin could end up
seeing a notable rise. “Breaking above the $0.198 resistance could
spark a 10% move up to $0.220!” notes Martinez. From the current
spot price, a run to this $0.220 target would imply growth of more
than 15% for the cryptocurrency. It now remains to be seen how DOGE
develops in the coming days and if this Descending Triangle pattern
would have any effect on its trajectory. DOGE Price Dogecoin
enjoyed a sharp rally yesterday as the US presidential elections
ended in a win for Donald Trump. At the peak of this surge, the
coin approached the $0.220 level, but its price has seen a pullback
today as it’s now back under $0.192. Below is a chart that shows
how the price of meme coin has developed over the last few days.
Featured image from Dall-E, charts from TradingView.com
Dogecoin (COIN:DOGEUSD)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Dogecoin (COIN:DOGEUSD)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024