The next key level for Dogecoin's price is $0.56.
Dogecoin's next bullish move after breaking the ascending triangle pattern. Typically, when a cryptocurrency breaks through an ascending triangle, it indicates that the price has stabilized above a key resistance line.
An ascending triangle is a unique bullish pattern that typically forms during an upward price trend, indicating that the upward momentum of the cryptocurrency will continue. This pattern consists of a horizontal resistance line (which the cryptocurrency price struggles to break) and an upward-sloping trend line (where the price forms higher lows over time).
According to the Dogecoin price chart, after a significant rise above $0.35, this meme coin began to form an ascending triangle pattern. During this formation, Dogecoin experienced various fluctuations as it attempted to break through and maintain above the $0.4 resistance level.
Now that Dogecoin has successfully broken through $0.4, the current trading price is $0.43, and this meme coin is preparing for another rise. Dogecoin's next upward target is $0.569, an increase of 32.33% from the current level.
After breaking through an ascending triangle, the price of the cryptocurrency often returns to its breakout level to retest it. According to the price chart, the current breakout level of Dogecoin's ascending triangle represents the top of this pattern, between $0.4 and $0.45.
Additionally, Dogecoin may also retest after the breakout. This means that the price of the cryptocurrency may pull back to the breakout level but will not fall below that level, thereby confirming a new support area.
While this key trend does not always occur, it is seen as a healthy bullish signal, confirming that the cryptocurrency breakout of the ascending triangle is legitimate.
Dogecoin is set to experience a sharp upward trend.
Dogecoin has successfully broken through the $0.4 resistance level near a 3-week range, and the next upward move for Dogecoin 'will be very dramatic', experiencing a significant price increase similar to earlier this month.
Dogecoin's price is expected to rise rapidly and sustainably to $0.9. This target is close to the much-anticipated $1 milestone, which most believe Dogecoin's price will reach.