An analyst has pointed out that this price level could be the next target for Dogecoin based on the Descending Triangle pattern.
Dogecoin is Currently Moving Within a Descending Triangle Right Now
In a recent post on X, analyst Ali Martinez discussed a recent pattern that has formed in the price of Dogecoin. The mentioned pattern is the " Descending Triangle " from technical analysis (TA), which, as the name suggests, looks like a downward sloping triangle.
The pattern consists of two lines where the asset's price is consolidated: the upper line has a negative slope and the lower line is parallel to the time axis. The former is likely to provide resistance to the coin, while the latter could be a support point.
Like other consolidation patterns in TA, breaking any of these levels could imply the continuation of the trend in that direction. That is, a breakout above the triangle could imply a bullish outcome, while a drop below it could lead to bearish action.
Additionally, there are other triangle models in TA that operate similarly to the Descending Triangle, the most prominent example being the Ascending Triangle, with only one difference: it points upward instead of downward.
Here is the chart shared by the analyst, showing the Descending Triangle pattern that Dogecoin has been moving within recently:
As can be seen in the chart above, Dogecoin has just retested the bottom of the triangle and has successfully found support there. The memecoin is currently on the rise, with the potential to retest the top level afterward. With the current trajectory of the coin, it could reach the upper line at around $0.198. This coin has found resistance at this line several times, so there is a possibility of another rejection.
However, in the event of a breakout, Dogecoin could witness significant gains. Martinez notes that "Breaking through the resistance level of $0.198 could trigger a 10% move up to $0.220!".
From the current spot price, a bullish move to this $0.220 target would imply a growth of over 15% for the cryptocurrency. It remains to be seen how DOGE develops in the coming days and whether this Descending Triangle model will affect its trajectory.
DOGE Price
Dogecoin had a strong bullish surge yesterday when the U.S. presidential election concluded with a victory for Donald Trump. At the peak of this surge, the coin reached $0.220, but its price has since dropped back today, currently below $0.192.