- A crypto analyst has confirmed the development of a bullish signal for DOGE.
- An ascending triangle could trigger a 20% DOGE price rally with a breakout to the upside.
- Dropping below $0.072 would invalidate the anticipated price surge.
The crypto analyst going by the name Ali on Twitter has confirmed the development of a bullish signal for DOGE, the native crypto of the meme coin Dogecoin. Using the 12-hour chart, Ali confirmed the formation of an ascending triangle that could see DOGE achieve a 20% rally with a breakout to the upside.
Ali explained his opinion on the DOGE price development using pictorial evidence characterized by multiple horizontal resistance above the candlesticks, coinciding with diagonal support across the same period. When connected with straight lines, this formation reflects the classic ascending triangle, a well-recognized technical figure used in analyzing price charts for many years.
The lowest point of the ascending triangle that Ali plotted is at the $0.06244 price level and terminated at $0.07813. The upper limit of the triangle also coincided with the 200 EMA, a break above which Ali believes would trigger a 20% price rally that will see the price of DOGE move toward $0.093. On the contrary, Ali noted that if the DOGE price drops below $0.072, the anticipated rally becomes invalidated.
DOGE is one of the cryptos projected by experts to champion the 2023 bull run. However, it is one of the few cryptos that dropped below the yearly opening price after reaching a low of $0.0626 on March 23, 2003.
The DOGE price has since picked up momentum, recovering most of the losses and moving back into the bullish region. A rally to the $0.93 price region projected by Ali would see DOGE approach the yearly high of 2023 and re-establishing the bullish pressure. If the DOGE price moves above this region, it will make way for a price rally with minimal resistance based on historical data.
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