Dogecoin Forms Bullish Triangle Pattern, Here is The Next Target

Dogecoin is currently seeing reasonable upside following the Bitcoin recovery above $71,000. This has sent the whole crypto market into a state of euphoria, and the DOGE price has crossed the $0.16 resistance while at it. This bullish trend is expected to continue, as one analyst points out that Dogecoin has formed a bullish triangle pattern.

A range zone for Dogecoin just above $0.15, which was important to the formation of the triangle. This is because the appearance of a range zone suggests that accumulation is going on and it is time for the price to begin to move. Sometimes, this can be either bearish or bullish, but as the crypto analyst points out, with the “consolidating just below the upper border of the triangle,” this time around, it is bullish for the price.

Additionally, DOGE has been creating higher lows, suggesting that this is a sustained bullish trend. “If the price breaks through the downward trendline, we can expect a bullish rally to follow. Furthermore, if the price breaks through the range zone and closes above it, it’s likely that the market will move higher. My target is resistance at 0.17500,” Lingrid states

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