Dogecoin Faces 60% Price Move as Triangle Pattern Nears End

Dogecoin, the popular memecoin, is currently at a critical juncture, with analysts predicting a potential 60% price movement in the near future. The cryptocurrency has been trading within a triangular pattern for several months, a technical analysis (TA) formation that often signals a significant breakout or breakdown.

The triangular pattern, which resembles a symmetrical triangle with a slight downward tilt, has been consolidating the price of Dogecoin between two converging trendlines. The upper trendline acts as resistance, while the lower trendline provides support. As the asset approaches the apex of the triangle, the likelihood of a breakout increases, with the direction of the breakout depending on which trendline is breached.

According to analyst Ali Martinez, Dogecoin is nearing the end of this triangular pattern, and a breakout could occur soon. Martinez notes that a daily close outside of the $0.16 to $0.22 range would determine the direction of the trend. If the price closes above $0.22, it could signal a bullish breakout, potentially leading to a 60% price increase. Conversely, a close below $0.16 could indicate a bearish breakdown, resulting in a similar percentage decrease.

At the time of writing, Dogecoin is trading around $0.168, down more than 11% over the last seven days. The cryptocurrency's price movement in the coming days will be crucial in determining the direction of the breakout and the potential 60% price move.