Dogecoin (DOGE) Price Rise 16%: Can Bulls Push DOGE Price Higher?

The price of Dogecoin (DOGE) is expected to rise sharply by 16% and has formed an ascending triangle with a bullish target of $0.208.

Ali Martinez said that Dogecoin (DOGE) has formed an ascending triangle on the hourly chart.

The bullish target of this triangle is $0.208 and the bearish target is $0.146.

Carl Moon, founder of the Moon Show, predicts that DOGE will rise by 150% in the near future.

Dogecoin (DOGE) is currently trading at around $0.1723 and has not seen any significant rise or fall in the past 24 hours. However, Ali Martinez, a well-known cryptocurrency analyst, shared an hourly chart showing a consolidation range between $0.16 and $0.18.

Martinez said that if the final close exceeds this range, it could trigger a 16% price increase, which indicates that DOGE may break out.

Dogecoin Ascending Triangle

According to Martinez’s chart, Dogecoin has formed a classic ascending triangle – a pattern that forms when the price encounters resistance on a horizontal plane. In this chart, the horizontal resistance is around $0.177, while the ascending trendline of lower lows acts as support.

A breakout of this level could push Dogecoin down to $0.208, calculated by adding the height of the triangle ($0.031) to the breakout point. If the price fails to break out and falls below the support, a drop to $0.146 or lower is possible.

On the daily price chart, the largest meme coin has been forming a falling wedge pattern since mid-November. A falling wedge is a bullish reversal pattern, and the breakout usually occurs to the upside, signaling a strong rally.

Moon Show founder Carl Moon boldly set a target price of $0.434, which is a 150% increase from the current price level.

Meanwhile, the Bollinger Bands show that DOGE is currently trading close to the mid-band (SMA is around $0.18). If the price breaks above this level, it could confirm a shift in upward momentum.

On the other hand, the RSI is currently hovering around 52, indicating increased buying pressure. The key resistance levels to watch are $0.18 and $0.20. If DOGE can break above $0.18, it could push higher to $0.25 and beyond.

The coin has an immediate support level at $0.16, with a stronger support level at $0.14. A break below these levels could signal bearish pressure.

DOGE Price To $1?

Interestingly, cryptocurrency analyst Andrew Griffiths noted that Dogecoin has managed to hold above the 1-month MA50 this month. Historically, Dogecoin has also gone through similar cycles, though this time around, volatility has decreased due to a more mature market.

Furthermore, the 1-week relative strength index (RSI) suggests that the coin is currently in the final stages of a bull cycle correction. Griffiths said he expects a possible rise to $1 by the end of the year.

Notably, DOGE’s value has risen 30% over the past year despite the ongoing downturn in the memecoin market. However, the token is still down 76% from its peak of $0.7376 in May 2021, CoinMarketCap data shows.