Dogecoin Is In A Declining Triangle

Analysts have noticed a Dogecoin pricing pattern in a new X article. The “Descending Triangle” from technical analysis (TA) is a triangle that slopes downhill.

An upper line with a negative slope and a lower one parallel to the time axis indicate asset price consolidation. The former may reject the coin, while the latter may support it.

A break out of either level can indicate a continuation of the trend, like other TA consolidation patterns. Thus, a rally above the triangle may indicate bullish action, while a decline below it may indicate bearish action.

The most common TA triangle pattern is the Ascending Triangle, which points up instead of down.

The analyst submitted this chart showing Dogecoin's latest Descending Triangle:

As shown in the graph, Dogecoin recently retested the triangle's bottom and found support. Memecoin is rising, with a top-level retest possible. The coin may reach the upper line at $0.198 based on its present trajectory. The coin has encountered resistance at the line several times, so another rejection is possible.

In the event of a break, Dogecoin may surge significantly. Martinez says "Breaking above $0.198 resistance could spark a 10% move up to $0.220!"

A run to $0.220 would mean almost 15% gain for the cryptocurrency from its current spot price. How DOGE grows in the future days and if this Descending Triangle pattern affects its course is unknown.

DOGE cost

Yesterday, Dogecoin rose sharply after Donald Trump won the US presidential election. Its price dropped below $0.192 today after reaching $0.220 at the apex of its spike.

This chart shows meme coin's price over the past few days.

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