Can Dogecoin rise 30%? This chart shows that.

Dogecoin has been somewhat unstable over the past few weeks, reflecting the indecisiveness of investors in the crypto market in general. This volatility was clearly demonstrated last week when the price of DOGE fell from $0.24 to a low of $0.21 on Friday, August 22. On Friday, the price of Dogecoin quickly returned to above $0.24, thanks to the speech by Federal Reserve Chair Jerome Powell at Jackson Hole. However, the latest price data shows that this cryptocurrency may only be at the early stage of a price increase that could last for several weeks. DOGE is Set to Move to $0.3 – Analyst In a post on August 23 on the social media platform X, crypto analyst Ali Martinez predicted that the price of Dogecoin will rise in the coming weeks. This expert shared that the largest meme coin by market capitalization could soon increase by 30%.

This optimistic forecast revolves around the formation of a symmetrical triangle on the 4-hour timeframe of the Dogecoin price chart. A symmetrical triangle is a technical analysis pattern characterized by a descending diagonal trendline connecting the swing highs and an ascending diagonal trendline along the swing lows. The token price often contracts and moves towards the apex in a symmetrical triangle pattern. Eventually, the price will break above the upper trendline to create a breakout or break below the lower trendline to form a breakdown. Depending on the direction of the breakout ( or breakdown ), the symmetrical triangle pattern can be viewed as either a continuation or reversal pattern. It should be noted that the symmetrical triangle pattern is often a continuation breakout pattern, as the asset price typically breaks in the direction of the original trend before entering the triangle pattern. Based on this logic, Martinez believes that the price of Dogecoin is likely to continue its upward trend after breaking out of the current setup.

If the price of DOGE plays out as predicted, cryptocurrency analysts expect this coin to reach the $0.3 mark - equivalent to a 30% increase from the current price. The price target is determined by adding the length of the widest point of the triangle ( or the bottom ) with the breakout point. However, investors must wait for at least two candles to close above the upper boundary of the triangle to confirm the bullish breakout.