It is likely that token-meme Dogecoin (DOGE) is poised for a significant rally after breaking out of a descending triangle, a technical setup often associated with large price moves.
According to analyst Trader Tardigrade, the breakout points to a possible bullish shift that could lead to DOGE rising to new short-term highs.
According to the analysis, on the daily chart, a descending triangle has established support at $0,31, which is now acting as a strong support zone.
DOGE is currently trading above $0,33, and this breakout level is key to maintaining the bullish momentum. If token If it holds above this zone, the price may touch the first major resistance at $0,42, which represents a significant obstacle to the upward trajectory.
DOGE Price Analysis Chart. Source: Trader Tardigrade
Moreover, a successful breakout of $0,42 could open the way for growth to $0,56. However, this is not the final target for Trader Tardigrade, as he expects a rise to $3,20.
A supporter agrees with his opinion Dogecoin KrissPax, who believes that the recent breakout from the two-week falling wedge pattern signals a possible bullish reversal for DOGE.
If kriptovalyuta continues to hold key support levels and maintain bullish momentum, it could become one of the most closely watched digital assets.