Analyst Says Dogecoin Price Is Ready To Fly, | Crypto News
Dogecoin has been bleeding decrease in latest days, grinding back toward the mid-$0.13 band. Sellers have been in control of most candles in the past 24 hours, and each attempt at a rebound has light rapidly, leaving Dogecoin caught close to the underside of a vary.
One crypto analyst on X has targeted consideration on an important technical stage on the 2-day chart. Even though price motion seems weak, Dogecoin is now sitting proper on a long-term help zone inside a descending triangle sample, and this space might develop into the launchpad for a strong upside transfer if consumers react from right here. The chart shared with the analysis highlights precisely where Dogecoin is resting and why this area issues.
Dogecoin Sitting On Major Descending Triangle
Technical analysis of Dogecoin’s price motion on the 2-day candlestick timeframe chart exhibits the meme coin has been trading in a clear descending triangle since December 2024. A downward-sloping trendline has capped every rally this yr, main to the creation of a sequence of decrease highs that replicate persistent promoting stress throughout the yr. At the same time, a horizontal help zone beneath in the mid-$0.135 to $0.14 area has caught a number of drops and prevented a deeper breakdown.
Right now, Dogecoin is urgent that decrease border again. The candles on the 2-day chart cluster just above the dashed help band, and the analyst, who goes by Butterfly on X, circled this cluster in inexperienced to show how intently the price is hugging the extent.
Each prior go to to this zone has produced at least a momentary bounce, which is why the current take a look at is notable. The price motion is tightening, and there may be less room left for sideways motion before a decisive break occurs.
Dogecoin Is “Ready To Fly”
In the post on X, the analyst notes that this help has been “respected multiple times” and that bulls are “getting ready to step in.” The most important factor is for the decrease help to maintain again, and the descending triangle could flip from a slow grind decrease into a springboard for a strong response.
A firm protection of this zone would imply that sellers are working out of momentum at these costs. From there, even a modest wave of shopping for might drive Dogecoin back toward the descending resistance line that cuts across the chart from the $0.25 to $0.26 space. A break and close above that trendline would mark the first clean greater high in months and would affirm that the triangle has resolved to the upside.
The analyst’s inexperienced arrow on the chart sketches out this potential path. The path exhibits Dogecoin lifting from the current help band, breaking above resistance, and reaching as high as $0.4 in one swift transfer.
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