Dogecoin price is forming a possible ascending triangle that could catapult the price to $0.56

The Dogecoin price chart suggests a possible formation of an ascending triangle pattern that could push the price to new levels. In an X (formerly Twitter) posta crypto analyst revealed that the popular meme coin manages to achieve this bullish technical patternThis could trigger a price increase to $0.56.

Dogecoin price expects to rise by $0.5

According to crypto analyst Rekt Capital, Dogecoin is showing signs of forming a possible ascending triangle pattern on its price chart, indicating a signal potential breakout to a new price target with a target of $0.56. Typically a Ascending triangle occurs when a cryptocurrency breaks the upper horizontal trendline and volume subsequently increases. This technical indicator is often labeled bullish because it forms as a continuation pattern during an uptrend.

Rekt Capital’s Dogecoin chart highlights the cryptocurrency’s price action this fourth quarter, highlighting a potential ascending triangle formation that appears to have begun following DOGE’s recent price rally. Earlier this month the Dogecoin price skyrocketed from around $0.2 to over $0.4 and saw impressive gains as demand for meme coins surged.

Based on the analyst’s statements, this is Uptrend could be extended if the formation of the ascending triangle is confirmed. Rekt Capital has revealed that the cryptocurrency could see a significant price increase to $0.569 if the current pattern on the Dogecoin chart is indeed an ascending triangle.

The analyst also reveals that Dogecoin’s successful formation of this triangle pattern could boost investor confidence and be a trigger Money flows into other meme coins. Similar to how a Bitcoin price rally affects the performance of smaller market cap altcoins, a Dogecoin price surge also impacts other meme coins in the market.

Mostly like meme coins Shiba Inu (SHIB), Pepe (PEPE) and others tend to follow Dogecoin’s upward trend and experience large price increases after DOGE’s momentum weakens slightly.

To confirm the ascending triangle pattern, Rekt Capital announced that Dogecoin needs to close a daily candle above resistance level at $0.43. This means that the meme coin needs to trade above this level to move towards $0.56 or higher.

Analyst Says Dogecoin’s Real Target Is Above $2

Well-known crypto analyst Bluntz has disclosed that the actual price target for Dogecoin in this cycle is $2.2. The analyst admitted that the Dogecoin price could reach $1but this goal was somewhat disappointing for the popular meme coin.

Bluntz also revealed that the DOGE/BTC currency pair has performed impressively this year and he expects it to reach a new all-time high this cycle. Currently, at 0.00000436, the analyst is forecasting a rise to 0.00002, representing a 373.68% increase at the 1.618 Fibonacci level.

Currently it is Price of Dogecoin is $0.42, up 6.5% in the last 24 hours, although it is down over 6% in the past week. Data from CoinMarketCap also showed that Dogecoin’s daily trading volume increased by 82%, underscoring this increasing interest and demand from investors.

Featured image created with Dall.E, chart from Tradingview.com