![\"Dogecoin](\"https:\/\/pbs.twimg.com\/media\/GbxLFjnXgAYXIs5?format=jpg&name=4096x4096\")
<\/p>\nAn analyst has pointed out how this price level could end up being the next destination of Dogecoin based on a Descending Triangle pattern.<\/p>\n
In a newDescending Triangle” from technical analysis (TA), which, as its name suggests, looks like a triangle slopped downwards.<\/p>\n
The pattern involves two lines between which the price of the asset consolidates: an upper one with a negative slope and a lower one parallel to the time axis. The former is likely to provide resistance to the coin, while the latter can be a point of support.<\/p>\n
Like other consolidation patterns in TA, a break out of either of these levels can imply a continuation of the trend in that direction. That is, a surge above the triangle can imply a bullish outcome, while a drop under it may lead to bearish action.<\/p>\n
There are also other triangle patterns in TA that work similarly to the Descending Triangle, with the most prominent example being the Ascending Triangle, which has only one difference: it points up rather than down.<\/p>\n
Now, here is the chart shared by the analyst that displays the Descending Triangle that Dogecoin has been moving inside recently:<\/p>\n
As is visible in the above graph, Dogecoin just recently made a retest of the bottom level of the triangle and successfully found support at it. The memecoin is now on its way up, with a potential retest of the top level to follow. Given the current trajectory of the coin, it might meet the upper line at around $0.198. The coin has already found resistance at the line a few times now, so it’s possible another rejection could take place.<\/p>\n
In the scenario that a break does happen, however, Dogecoin could end up seeing a notable rise. “Breaking above the $0.198 resistance could spark a 10% move up to $0.220!” notes Martinez.<\/p>\n
From the current spot price, a run to this $0.220 target would imply growth of more than 15% for the cryptocurrency. It now remains to be seen how DOGE develops in the coming days and if this Descending Triangle pattern would have any effect on its trajectory.<\/p>\n
Dogecoin enjoyed a sharp rally yesterday as the US presidential elections ended in a win for Donald Trump. At the peak of this surge, the coin approached the $0.220 level, but its price has seen a pullback today as it’s now back under $0.192.<\/p>\n
Below is a chart that shows how the price of meme coin has developed over the last few days.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
An analyst has pointed out how this price level could end up being the next destination of Dogecoin based on a Descending Triangle pattern. Dogecoin Is Moving Inside A Descending Triangle Right Now In a newDescending Triangle” from technical analysis (TA), which, as its name suggests, looks like a triangle slopped downwards. The pattern involves…<\/p>\n","protected":false},"author":1,"featured_media":965,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[200],"tags":[141,140,307,827,511,147],"class_list":["post-964","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dogecoin","tag-doge","tag-dogecoin","tag-dogecoin-bullish","tag-dogecoin-descending-triangle","tag-dogecoin-rally","tag-dogeusdt"],"_links":{"self":[{"href":"https:\/\/coinstrend.net\/blog\/wp-json\/wp\/v2\/posts\/964","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinstrend.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinstrend.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinstrend.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinstrend.net\/blog\/wp-json\/wp\/v2\/comments?post=964"}],"version-history":[{"count":0,"href":"https:\/\/coinstrend.net\/blog\/wp-json\/wp\/v2\/posts\/964\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinstrend.net\/blog\/wp-json\/wp\/v2\/media\/965"}],"wp:attachment":[{"href":"https:\/\/coinstrend.net\/blog\/wp-json\/wp\/v2\/media?parent=964"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinstrend.net\/blog\/wp-json\/wp\/v2\/categories?post=964"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinstrend.net\/blog\/wp-json\/wp\/v2\/tags?post=964"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}