Crypto analyst CobraVanguard has revealed a promising price target for Dogecoin as an ascending triangle forms for the leading meme coin. This technical pattern indicates a potential rally towards new highs, particularly as the broader cryptocurrency market shows signs of recovery.
Next Target For Dogecoin As Ascending Triangle Forms
In a recent post on TradingView, CobraVanguard set a price target of $0.197 for Dogecoin. The formation of the ascending triangle signals a potential price increase, which could align with the anticipated price movement of AB=CD. However, the analyst cautioned that traders should wait for a confirmed breakout before taking any decisive actions.
The accompanying chart indicates that Dogecoin must break above the $0.177 level to validate the formation as an upward trend. Achieving this target would likely trigger a rally towards the projected $0.197 mark.
Currently, Dogecoin appears to be in rebound mode, mirroring Bitcoin’s movement near the $90,000 mark. As highlighted by crypto analyst Kevin Capital, DOGE is likely to experience upward momentum as long as Bitcoin remains in a bullish trajectory.
Interestingly, crypto traders are also positioning themselves for a potential upswing in Dogecoin. Analysts note that 76.26% of traders with open DOGE positions on Binance Futures are bullish. This consensus is a strong indicator of market sentiment, particularly given Binance traders’ accurate track record. In a recent post, analyst Ali Martinez noted that whale investors accumulated over 120 million DOGE last week, further substantiating the bullish outlook for the meme coin.
DOGE’s Market Structure Has Shifted
In another analysis, crypto analyst Trader Tardigrade pointed out a significant shift in Dogecoin’s market structure. The observation indicated that Dogecoin is transitioning from a downtrend to an uptrend as it records higher highs and higher lows. Based on this trajectory, the analyst expects DOGE to rally toward the $0.177 resistance level.
Martinez even projected a long-term perspective, proposing the possibility of Dogecoin prices rallying to as high as $4 or even $20, provided it maintains support above the $0.16 lower boundary of the ascending channel. Historical trends suggest that if DOGE sustains this support level, it could rebound toward mid-range and upper price targets.
As of this writing, Dogecoin is trading at approximately $0.174, reflecting an increase of over 3% in the past 24 hours, according to CoinMarketCap.
