Dogecoin (DOGE) appears to be gearing up for a significant upward move after breaking out of a descending triangle pattern, a key technical setup often associated with major price surges.
The breakout, as observed by Trader Tardigrade in a recent analysis, indicates a potential bullish shift that could see DOGE rallying to new short-term highs. According to Trader Tardigrade, this sets the leading memecoin for an “explosive surge” that could happen soon.
“Dogecoin has broken out of the Descending Triangle at the bottom. This chart pattern could lead to an explosive surge for Doge afterwards.”
– Trade Tardigrade
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Technical analysis: A bullish shift
According to the analysis, the descending triangle on the daily chart established support at $0.31 during its consolidation phase, a level that now acts as a solid support zone.
Currently trading above $0.33, this breakout level is key to sustaining bullish momentum. If DOGE holds above this zone, the price could target $0.42 as the first major resistance, representing a significant hurdle in its upward trajectory.
Moreover, a successful move beyond $0.42 could pave the way for DOGE to extend its gains toward $0.56.
Taking an even more ambitious stance, Trader Tardigrade recently highlighted that DOGE has consistently respected its long-term trendline, signaling the potential for even more significant gains.
As reported by Finbold, the analyst set a bold long-term target of $3.20 for DOGE, reflecting growing optimism about the cryptocurrency’s ability to sustain its bullish trajectory over time
More bullish projections
Adding to the optimism, Dogecoin enthusiast KrissPax highlighted the recent breakout from a two-week descending wedge pattern, signaling a potential bullish reversal for DOGE.
With the price now holding above key resistance levels, KrissPax suggests that a retracement to retest the breakout zone could set the stage for a rally beyond $0.40, driven by strong momentum and increasing trading volume.
DOGE price analysis
At press time, Dogecoin was trading at $0.3385, marking a notable 6.56% gain in the past 24 hours and an 8% rise on the weekly chart.
If the cryptocurrency continues to respect key support levels and maintain its bullish momentum, it could be poised for further gains, making it one of the most closely watched assets in the digital assets space.
Featured image via Shutterstock
