Analyst Sets Dogecoin Next Target As Ascending Triangle Forms

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Crypto analyst CobraVanguardhas revealed the next price target for Dogecoin as an ascending triangle forms for the foremost meme coin. A rally to this price target could pave the way for the new highs, especially with the crypto market looking to be in rebound mode.  Next Target For Dogecoin As Ascending Triangle Forms

In a TradingViewpost, CobraVanguard set $0.197 as the next target for the Dogecoin price with an ascending triangle forming. He noted that this ascending triangleindicates a potential price increase. The analyst added that it is anticipated that the price could rise, aligning with the projected price movement of AB=CD. Related Reading Dogecoin Price Turns Bullish With 1-Day RSI In Oversold Region, Why DOGE Can Reach $0.9 2 weeks ago

Meanwhile, CobraVanguard warned that it is crucial to wait for the triangle to break before taking any action. His accompanying chart showed that Dogecoin needs to break above $0.177 to confirm a break above the ascending triangle. A break above that target would then lead to a rally to the $0.197 target.  Source: CobraVanguard on Tradingview

Dogecoin already looks to be in rebound mode at the moment, alongside Bitcoin, which is nearing the $90,000 mark again. The foremost meme coin is nearing the $0.177 target for a break above the ascending triangle. As crypto analyst Kevin Capitalsuggested, DOGE will likely rally as long as BTC is in bullish territory. 

Crypto traders are also betting on a Dogecoin rally to the upside. Crypto analyst Ali Martinezrevealed that 76.26% of traders with open DOGE positions on Binance futures are leaning bullish. This is particularly bullish because Binance traders have a good track record of being right most of the time. In another X post, Martinez revealed that whales bought over 120 million DOGE last week, which is also bullish for the foremost meme coin.  DOGE’s Market Structure Has Shifted

In an X post, crypto analyst Trader Tardigraderevealed that Dogecoin’s market structure has shifted. This came as he noted that Dogecoin is recovering from an ascending triangle, forming higher highs and higher lows from lower highs and lower lows. Related Reading Analyst Sets Dogecoin Next Target As Ascending Triangle Forms 4 hours ago

Based on this, the analyst affirmed that Dogecoin had shifted the market structurefrom a downtrend to an uptrend on the hourly chart since it just formed the second higher high. His accompanying chart showed that DOGE is eyeing a rally to $0.177 as it continues to form higher highs. 

Martinez raised the possibility of the Dogecoin pricerallying to as high as $4 or even $20 in the long term. He stated that if DOGE holds above the $0.16 support at the lower boundary of an ascending channel, history suggests that it could rebound toward the mid-range at $4 or upper range at around $20. 

At the time of writing, the Dogecoin price is trading at around $0.174, up over 3% in the last 24 hours, according to datafrom CoinMarketCap. DOGE trading at $0.17 on the 1D chart | Source: DOGEUSDT onTradingview.com Featured image from Pexels, chart from Tradingview.com