Dogecoin Price Prediction: DOGE Sets for Another 120% Upswing
- Dogecoin gives a blind eye to the cryptocurrency selloff, rising 18% in 24 hours.
- DOGE’s market share hits $51 billion, bolstering it to the fifth position.
- Dogecoin bulls must hold support at $0.4 to avoid a potential correction to $0.25.
The cryptocurrency market is essentially in chaos at the time of writing. However, the general situation does not apply to Dogecoin, which has continued to hit new milestones. The meme coin is back to trading above $0.4, following a technical breakout. After ignoring market correction, DOGE is up a whopping 18% over the last 24 hours.
Dogecoin Lifts From Ascending Triangle
Dogecoin has printed an ascending triangle on the four-hour chart. This is a bullish continuation pattern that tends to form during a significant uptrend. The pattern highlights a consolidation period ahead of an appreciable breakout.
Usually, two trend lines create the triangle, connecting the relatively equal peaks and the ascending lows. Cracking the resistance at the x-axis culminates in a price breakout target, measured from the triangle’s highest to lowest points.
At the time of writing, Dogecoin is trading at $0.42 in the wake of slicing through the x-axis resistance. Besides the technical pattern, the Relative Strength Index (RSI) suggests that the trend is in bulls’ hands. Closing the day in the overbought territory might trigger buy orders for gains to another record high.
DOGE/USD Four-Hour Chart
According to the triangle breakout, Dogecoin could be catapulted to $0.9 on achieving the 121% breakout target. Support at $0.4 and the x-axis remains crucial to the anticipated upswing.
According to IntoTheBlock’s “Daily Active Addresses” on-chain model, an increase in the number of active addresses is a bullish signal. The uptick in network activity hints at speculation being on the rise. Therefore, the community believes that Dogecoin is still on the path to higher levels and is willing to stake more toward a higher top.
Dogecoin Daily Active Addresses
Dogecoin Bearish Outlook
Dogecoin must hold above two key levels to sustain the ongoing uptrend; the ascending triangle x-axis and the buyer congestion at $0.4. Ending the day under these two areas could call more bears to swing back into action. A spike in overhead pressure means that Dogecoin may spiral to $0.3 and perhaps retest $0.25 before renewing the uptrend.