An analyst has pointed out how this price level could end up being the next destination of Dogecoin based on a Descending Triangle pattern.<\/p>\n
In a new post<\/a> on X, analyst Ali Martinez has talked about a pattern that has recently been forming in the price of Dogecoin. The pattern in question is the \u201cDescending Triangle<\/a>\u201d from technical analysis (TA), which, as its name suggests, looks like a triangle slopped downwards.<\/p>\n The pattern involves two lines between which the price of the asset consolidates: an upper one with a negative slope and a lower one parallel to the time axis. The former is likely to provide resistance to the coin, while the latter can be a point of support.<\/p>\n Like other consolidation patterns in TA, a break out of either of these levels can imply a continuation of the trend in that direction. That is, a surge above the triangle can imply a bullish outcome, while a drop under it may lead to bearish action.<\/p>\n There are also other triangle patterns in TA that work similarly to the Descending Triangle, with the most prominent example being the Ascending Triangle<\/a>, which has only one difference: it points up rather than down.<\/p>\n Now, here is the chart shared by the analyst that displays the Descending Triangle that Dogecoin has been moving inside recently:<\/p>\n As is visible in the above graph, Dogecoin just recently made a retest of the bottom level of the triangle and successfully found support at it. The memecoin is now on its way up, with a potential retest of the top level to follow. Given the current trajectory of the coin, it might meet the upper line at around $0.198. The coin has already found resistance at the line a few times now, so it\u2019s possible another rejection could take place.<\/p>\n In the scenario that a break does happen, however, Dogecoin could end up seeing a notable rise. \u201cBreaking above the $0.198 resistance could spark a 10% move up to $0.220!\u201d notes Martinez.<\/p>\n From the current spot price, a run to this $0.220 target would imply growth of more than 15% for the cryptocurrency. It now remains to be seen how DOGE develops in the coming days and if this Descending Triangle pattern would have any effect on its trajectory.<\/p>\nDOGE Price<\/h2>\n