Dogecoin (DOGE) appears poised for a significant price movement as multiple technical indicators align with bullish sentiment. Leading crypto analyst CobraVanguard has identified a critical ascending triangle formation that could propel DOGE to $0.197, representing potential upside of over 13% from current levels.
Technical Analysis Points to Bullish Breakout
According to detailed technical analysis shared on TradingView, DOGE needs to decisively break above the $0.177 resistance level to confirm the ascending triangle pattern. This formation is typically considered bullish, especially when accompanied by increasing trading volume. Recent analysis showing DOGE testing the $0.17 support level adds further credence to this setup.
Market Sentiment and On-Chain Metrics
Several key metrics support the bullish case for DOGE:
- 76.26% of Binance futures traders are currently long on DOGE
- Whale accumulation of over 120 million DOGE in the past week
- Shifting market structure from downtrend to uptrend on hourly charts
- Formation of higher highs and higher lows
Long-term Price Projections
While the immediate target sits at $0.197, some analysts are projecting significantly higher prices. Crypto analyst Ali Martinez suggests potential targets of $4 to $20 if DOGE maintains support above $0.16. However, these projections should be viewed with appropriate caution given market volatility.
FAQ
What is an ascending triangle pattern?
An ascending triangle is a bullish chart pattern characterized by a flat upper trendline and a rising lower trendline, typically signaling a potential breakout to the upside.
What could prevent DOGE from reaching $0.197?
Key risks include broader market volatility, failure to break the $0.177 resistance, or negative Bitcoin price action, as DOGE tends to follow BTC trends.
How significant is the whale accumulation?
The 120 million DOGE accumulated by whales represents a strong vote of confidence, potentially reducing available supply and supporting price appreciation.
At time of writing, DOGE trades at $0.174, showing a 3% gain in 24 hours. Traders should monitor the $0.177 level closely for confirmation of the ascending triangle breakout.