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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Dogecoin Gears Up For 60% Move—Will It Be Up Or Down?

Keshav Verma
Keshav Verma
1 month ago
2 mins read
Dogecoin

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An analyst has explained how Dogecoin could be primed for a 60% price move. Here’s the range that could end up deciding the direction of the break.

Dogecoin Is Nearing The End Of A Triangle Pattern

In a new post on X, analyst Ali Martinez has talked about how Dogecoin is currently looking from a technical analysis (TA) perspective. Below is the chart shared by the analyst that shows the trend in the 1-day price of DOGE.

Dogecoin Triangle
Looks like the price of the coin is currently near the lower level of the triangle | Source: @ali_charts on X

As displayed in the graph, the daily Dogecoin price has been trading inside what appears to be a triangular channel. A triangle is a TA pattern that forms whenever an asset’s price observes consolidation between two converging trendlines.

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The upper line of the pattern is likely to provide resistance to the price, while the lower one support. A break out of either of the lines can signal a continuation of trend in that direction.

There are a few different types of triangles, with a few popular ones being the Symmetrical, Ascending, and Descending variations. The orientation of the trendlines decides the type of the triangle.

In a Symmetrical Triangle, the lines converge at a roughly equal and opposite slope. This means that as the price travels inside the pattern, both upward and downward volatility shrinks in an even manner.

For the Ascending and Descending versions, however, there is a bias to the upside or downside. In the former, the upper trendline is parallel to the time-axis and the price progressively makes higher lows. Similarly, the latter involves lower highs with a flat support level.

From the chart, it’s apparent that the Triangle that Dogecoin has been moving inside for the past few months is similar to a Symmetrical Triangle, but it has a slight tilt toward the downside.

It’s also visible that DOGE is nearing in on the end of the triangle. Generally, triangle breakouts become more likely to occur as the asset approaches the apex, as the consolidation range squeezes tight in this region.

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Considering that Dogecoin may be in this zone now, it’s possible that its spring may be ready to uncoil. Based on the pattern forming in the daily price, the analyst has noted that DOGE looks primed for a 60% move.

As for which way a break would happen, that naturally comes down to which line the memecoin exits the triangle from. ” All you need to do is wait for a daily close outside of the $0.16 to $0.22 range to determine the direction of the trend,” notes Martinez.

DOGE Price

At the time of writing, Dogecoin is floating around $0.168, down more than 11% over the last seven days.

Dogecoin Price Chart
The trend in the price of the coin during the past five days | Source: DOGEUSDT on TradingView
Featured image from Dall-E, charts from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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