- Dogecoin price forms an ascending triangle with resistance near $0.28, pointing to strong bullish continuation potential.
- Breakout above $0.31 can lead to momentum targeting at $0.48- $0.50 with the support at 0.23 being critical.
- Daily trading volume shows steady participation, but confirmation requires expansion above current levels for a valid breakout.
Dogecoin is trading in a tightening range with rising bullish pressure. A developing ascending triangle suggests price may soon test a decisive breakout point.
Ascending Triangle Formation Builds Momentum
According to @Bitcoinsensus, Dogecoin is forming an ascending triangle with resistance near $0.27–$0.28. This pattern has appeared after DOGE’s recovery from sub-$0.10 lows earlier this year. Each rejection near resistance has been met with higher lows, confirming steady demand.
The horizontal neckline at $0.27–$0.28 has been tested several times, leaving rejection wicks. However, the lower boundary of the triangle is supported by a rising trendline. This reflects continuous accumulation and gradual seller exhaustion. Such coiling price action often precedes volatility expansion, typically resolving upward in line with prior trends.
The measured move for this setup suggests a potential breakout projection toward $0.48–$0.50. This target aligns with the analyst’s view that once the supply barrier is cleared, Dogecoin could extend gains strongly.
Market Snapshot and Key Levels
As of writing, Dogecoin trades at $0.2579 with a daily gain of 2.54%. Market capitalization stands at $39.01 billion, ranking DOGE as the eighth largest cryptocurrency. Daily trading volume sits at $3.1 billion, slightly lower by 0.45% compared to the previous session.
The broader range remains between $0.23 as support and $0.31 as resistance. Buyers are consistently defending the $0.23–$0.24 area, where demand has reappeared on several occasions. Recovery of mid-range positions is resilient, although volume is maintained.
To break above $0.31 would signify a structuring change towards favouring bulls. This would bring in sidelined traders and set momentum toward greater heights with interim resistance of $0.35-$0.40. Until then, price remains range-bound but coiling tightly under resistance.
Confirmation and Risks Ahead
For traders, confirmation requires a daily or weekly close above the neckline near $0.28–$0.31 with increasing volume. Rising volume would demonstrate market conviction and validate the ascending triangle breakout. Without this, the pattern remains unconfirmed, leaving the door open to false breakouts.
On the downside, invalidation would occur if price breaks below the rising trendline with strong bearish volume. Such action could open a path toward $0.20, erasing the current bullish structure. For now, the $0.23 base remains critical to maintain accumulation.
The psychological level at $0.30 will also be important. Clearing this level may accelerate upside momentum as short positions cover and new demand flows in. Broader meme coin sentiment could also strengthen if the breakout occurs with Bitcoin stability.
