Price Analysis

If This Pattern Holds Dogecoin Price Could Target $0.20; Analysts Predict

Dogecoin price signals an escape from a 1six-month correction with a triangle breakout. Analysts predict a potential rally to $0.20.
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If This Pattern Holds Dogecoin Price Could Target $0.20; Analysts Predict

Highlights

  • Dogecoin price escapes 6-month correction trend amid descending triangle pattern.
  • The $0.10 level, supported by an ascending trendline and the lower band of the Bollinger Bands, creates a strong accumulation zone.
  • A bearish breakdown below the lower trendline could accelerate the selling momentum for a prolonged downfall.

On a low-volatility Sunday, the Dogecoin price jumped 1.13%, trading at $0.11. This bullish reversal can be attributed to DOGE’s significant breakout from a descending triangle pattern, signaling a major trend reversal. Will the renewed bullish momentum invalidate the mounting selling pressure from the ongoing geopolitical tensions between Israel and Iran?

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Dogecoin Price Targets $0.20 If This Pattern Holds Analysts Forecast

According to the renowned analyst Ali Martinez, the Dogecoin price prediction has developed a well-known descending triangle pattern in weekly charts. Theoretically, this chart often drives a steady downtrend within a downsloping trendline and a flat support. 

However, a recent breakdown from the pattern’s overhead trendline invalidates the bearish outlook and signals DOGE’s potential for renewed rally.

The cryptocurrency has shown a repetitive pattern reminiscent of past market behavior: a breakout from a multi-year descending triangle, followed by a notable 200% surge and a subsequent 60% retracement.

Following a significant 65% correction in Dogecoin price gave a decisive breakout from the triangle’s upper trendline. Maintaining this upward momentum could signal the beginning of a bullish trend for DOGE, with targets exceeding $0.20.

https://twitter.com/ali_charts/status/1842985818430062993?ref_src=twsrc%5Etfw” rel=”nofollow

According to Intotheblock data, DOGE had recently reclaimed a substantial supply of 43.72 billion coins held across 124.48K addresses when the price breached $0.108. Now in profit, these coins can act as sustainable support and reduce the selling pressure from profitable traders.

In/Out of the Money | Intotheblock

For a detailed analysis, check out the article on Top Meme Coins.

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DOGE Price Hints 10.5% Drop  Before Next Leap

Amid recent market correction, the Dogecoin price shows a notable pullback from $0.132 to $0.1— a 21% loss. The ongoing geopolitical tensions between Israel and Iran have further intensified selling pressure,

With sustained selling, the DOGE price could plunge 10.5% to seek support from a new emerging support trendline at $0.1. Should this support hold, buyers may push the price above the $0.13 peak, signaling a potential trend reversal.

On the contrary, if selling plunged below the support trendline, the Dogecoin price correction to $0.08.

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Frequently Asked Questions

What pattern do analysts believe could lead Dogecoin to target $0.20?

Analysts predict that if the current descending triangle pattern holds, Dogecoin's price could target $0.20

How has geopolitical tension impacted Dogecoin's price?

The ongoing geopolitical tensions between Israel and Iran have intensified selling pressure, contributing to a notable pullback in Dogecoin's price from $0.132 to $0.1

What is the significance of the $0.10 level for Dogecoin?

The $0.10 level, supported by an ascending trendline and the lower band of the Bollinger Bands, creates a strong accumulation zone
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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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