Dogecoin Gears Up For 60% Move—Will It Be Up Or Down? 📈
Dogecoin is on the verge of a significant 60% price movement as outlined by analyst Ali Martinez. The cryptocurrency's price has been consolidating within a triangular pattern, a common technical analysis (TA) chart formation, and is approaching the end of this triangle.
The daily Dogecoin price trend, as shared in a chart by Martinez, highlights that the memecoin is trading within a pattern resembling a Symmetrical Triangle, albeit slightly tilted downward. The upper and lower lines of this pattern serve as resistance and support, respectively.
A breakout from either line will signal a continued trend in that particular direction. Such breakouts are more probable as Dogecoin nears the apex of the triangle due to the tightening of the consolidation range. Martinez advises that observing a daily close outside the $0.16 to $0.22 range would help determine the direction of the move.
As of now, Dogecoin trades around $0.168, showing an 11% decline over the past week.
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