Dogecoin (DOGE) is poised for a significant price breakout as technical analysts point to bullish formations on the charts. Renowned cryptocurrency analyst Rekt Capital has highlighted an ascending triangle pattern on the DOGE/USD daily chart, signaling a potential surge. This development was reported by Binance and has sparked excitement within the crypto community.
The ascending triangle is a well-known bullish continuation pattern characterized by a horizontal resistance line and a rising support line. In Dogecoin’s case, the horizontal resistance lies near $0.44, a level repeatedly tested but not breached. The upward-sloping support line begins around $0.34, indicating that buyers are stepping in at progressively higher price points. This pattern suggests mounting buying pressure, with shallower pullbacks reflecting increased confidence among traders.
Rekt Capital stresses the importance of the current price action, noting: “Dogecoin is retesting the top of the ascending triangle as a support level. A successful retest here is critical for confirming a breakout.” Should the retest establish the $0.44 level as a new support, Dogecoin could aim for a breakout target of approximately $0.54, calculated by projecting the triangle’s height from the breakout point.
Adding to the bullish outlook, another analyst, Satoshi Flipper, has drawn attention to Dogecoin’s performance on the 4-hour chart. He observed an ascending channel pattern defined by two parallel upward-sloping lines, which has contained the price for nearly a month. “DOGE is consolidating nicely within this channel, and the breakout will be epic,” Satoshi Flipper commented.
Key levels within this channel include support near $0.40 and resistance around $0.52. If DOGE successfully breaks out of the channel, the projected price target could reach $0.64, calculated by measuring the channel’s width and extending it upward from the breakout point.
Beyond technical signals, December 5 could serve as a fundamental catalyst for DOGE. Reports indicate that Elon Musk and Vivek Ramaswamy will present proposals to Congress under the Government Efficiency Office (DOGE). Given Musk’s history of influencing Dogecoin’s price, his involvement may further fuel bullish momentum.
As Dogecoin approaches these critical levels, traders are advised to monitor developments closely. Both technical and fundamental factors suggest a period of heightened volatility and potentially explosive gains for the memecoin.