DOGE Price Sets Up for a 20% Upswing With Ascending Triangle

The crypto analyst going by the name Ali on Twitter has confirmed the development of a bullish signal for DOGE, the native crypto of the meme coin Dogecoin. Using the 12-hour chart, Ali confirmed the formation of an ascending triangle that could see DOGE achieve a 20% rally with a breakout to the upside.

#Dogecoin appears to be forming an ascending triangle on its 12-hour chart.

Watch out for a 12-hour candlestick close above the 200EMA, which could trigger a 20% upswing for $DOGE toward $0.093. A sustained drop below $0.072 can serve as invalidation. pic.twitter.com/zzQ9MD1C5r

— Ali (@ali_charts) April 1, 2023

Ali explained his opinion on the DOGE price development using pictorial evidence characterized by multiple horizontal resistance above the candlesticks, coinciding with diagonal support across the same period. When connected with straight lines, this formation reflects the classic ascending triangle, a well-recognized technical figure used in analyzing price charts for many years.

The lowest point of the ascending triangle that Ali plotted is at the $0.06244 price level and terminated at $0.07813. The upper limit of the triangle also coincided with the 200 EMA, a break above which Ali believes would trigger a 20% price rally that will see the price of DOGE move toward $0.093. On the contrary, Ali noted that if the DOGE price drops below $0.072, the anticipated rally becomes invalidated.

DOGE is one of the cryptos projected by experts to champion the 2023 bull run. However, it is one of the few cryptos that dropped below the yearly opening price after reaching a low of $0.0626 on March 23, 2003.

The DOGE price has since picked up momentum, recovering most of the losses and moving back into the bullish region. A rally to the $0.93 price region projected by Ali would see DOGE approach the yearly high of 2023 and re-establishing the bullish pressure. If the DOGE price moves above this region, it will make way for a price rally with minimal resistance based on historical data.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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