The price of Dogecoin is about to hit a significant milestone and could mark the beginning of an exciting new bull run. Unfortunately, Dogecoin has been stuck in a trading range for months.
The price is not making any new highs or lows, but it’s staying afloat nonetheless. So it’s no surprise that other cryptocurrencies have seen more success lately since they’re on trend with their current momentum. At the same time, DOGE sits there tantalizingly close to breakout territory without moving forward.
However, The price of Dogecoin is on the rise with a 64% climb. Some analysts predict that it may reach $0.269, which would be seen as an upper boundary for its symmetrical triangle pattern and put the bullish target at around $0.435 into perspective.
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Dogecoin Price Analysis
As the selloff of DOGE continues, we could see a strong foothold at $0.242 if there is more selling pressure to come. The cryptocurrency has been trying but so far can’t shake off these bears who want it lower, and nothing seems like it is going up anytime soon either.
Furthermore, the DOGE price is currently consolidating after forming a symmetrical triangle pattern on the daily chart. This suggests that while it may be time for the bulls to catch their breath, enough technical indicators support this trend, which soon points to higher prices.
A recent technical analysis on Dogecoin’s price suggests that it has the potential to climb up to 64%. The current pattern is an impulsive rising channel, which has good chances of fulfilling its prophecy if prices maintain their upward trajectory.
DOGE is expected to see positive growth soon, with its 200 DMA level acting as significant resistance. Nevertheless, the coin has been steadily rising and will continue on this path for now.
Before the bulls can get excited about a possible bull run, DOGE would first need to conquer their nearest resistance at a 50% Fibonacci retracement level priced around $0.255.
To rise again, Dogecoin needs to break through the 200 DMA, which has been a strong resistance preventing any price spikes in recent times.
