Dogecoin Forms an Ascending Triangle on the Daily Chart, This is the Target

Dogecoin, the number one meme coin, has once again become the headline, and this time, it's due to the sudden formation of a bullish ascending triangle pattern on its daily chart. This promising technical setup has drawn attention from a cryptocurrency analyst, who is now forecasting an upcoming bullish trend that could push DOGE to higher price levels. Dogecoin Prepares for a Strong Breakout to 0.285 USD A new analysis posted on X (formerly Twitter) by market expert Trader Tardigrade shows that Dogecoin has established a clear ascending triangle structure on the daily chart. This pattern, characterized by an upward support trendline and a relatively flat resistance zone, often signals a bullish continuation if a cryptocurrency successfully breaks above the resistance level. Interestingly, the appearance of this chart has prompted analysts to make bullish forecasts, expecting Dogecoin to target the price level of $0.285 upon breaking out of the triangle. The chart from trader Tardigrade indicates that Dogecoin has made four significant touches with the triangle — two times on the ascending support line and two times on the upper boundary of the pattern.

A fifth touch seems to be forming, laying the groundwork for a potential breakout. Therefore, the cryptocurrency analyst predicts that as it breaks through the resistance level, Dogecoin could rise to $0.285, marked by the upward purple arrow. While the price action of DOGE remains within an ascending triangle, currently, Trader Tardigrade is watching as this meme coin tests the upper boundary. If the bullish momentum holds and the volume supports this move, Dogecoin could increase by 42.5% from the current price of $0.206. Support for DOGE Convergence NEM with Bullish Prospects Trader Tardigrade's bullish forecast for a potential short-term price increase to $0.285 is a converging wedge pattern on the Dogecoin H4 daily chart. This chart pattern typically signals a period of price compression before a breakout. Analysis shows that Dogecoin is trading within two converging trendlines—a descending line acting as resistance, and the other ascending line providing solid support. The price of DOGE has respected these boundaries for several sessions, oscillating between them as it consolidates. Trader Tardigrade notes that Dogecoin is currently right on the support line, a crucial moment that could decide its next big move. The current wedge structure also suggests that the bulls may soon prevail, as the expected path plotted on the chart outlines a small retest that may occur before a bullish breakout This breakthrough will ultimately push the price of Dogecoin past the upper resistance line, potentially driving the price above $0.285 and towards $0.29. The peak of the large green arrow on the price chart reflects this anticipated bullish trend, indicating new momentum for DOGE. Meanwhile, all eyes are on the support line as Dogecoin coils tightly within this narrow range.