Dogecoin, the forgotten memecoin, is about to break out of a large triangle.
The price of dogecoin (DOGE), the main memecoin on the market and the eighth largest crypto asset in the world, has formed a technical figure that reflects optimism. It is a large-scale triangle that shows a bullish pennant.
This figure is a pattern that is distinguished in the technical analysis of price charts of an asset. It consists of a downward sloping resistance line, which exhibits increasingly lower highs, and a horizontal or almost horizontal support line.
This structure usually occurs after a strong rise that is graphed almost as a vertical line. That is why, as a whole, this price pattern is visualized on a chart as a triangle, from which its name arises.
When the price of an asset, which has formed this figure, approaches the resistance of the triangle, it suggests that demand is gaining strength. Therefore, this movement indicates that a bullish breakout could be just around the corner.
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