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🚀🚀🚀Dogecoin Forms Bullish Triangle, Analyst Reveals Next Target
Dogecoin is rising as Bitcoin recovered over $71,000. This excitement has spread to the crypto market, and DOGE has passed $0.16 barrier. With Dogecoin's bullish triangle formation, one expert expects this trend to continue.
Dogecoin Triangle Pattern Promises Growth
Crypto expert Lingrid noted an intriguing Dogecoin chart pattern on TradingView. The expert says the meme coin created a triangular formation, which is optimistic for the price.
The crypto expert stated that the market has been consolidating below the triangle's top edge. Triangle patterns typically cause price squeezes, which are positive for their prices.
Lingrid found a Dogecoin range zone above $0.15, which helped build the triangle. This is because a range zone indicates accumulation and the price should move. The crypto researcher says that with the “consolidating just below the upper border of the triangle,” this time it is positive for the price.
Additionally, meme currency has been making higher lows, indicating a persistent bullish trend. If the price breaches the downward trendline, we should predict a bullish surge. If the price breaches the range zone and closes above it, the market may rise. Lingrid says resistance at 0.17500 is his goal.
Dogecoin has risen this week as investors have shown interest in the humor currency. The digital asset's trading volume has increased by almost 130% in the previous week. At the time of writing, Coinmarketcap data indicates trade volume up 132% to approximately $2 billion.
Dogecoin open interest has also increased, indicating traders are wagering big on the DOGE price. In the previous 24 hours, Coinglass data showed an 18% growth to $921.4 million. Open interest has reached its highest level in a month, reversing the negative trend. Higher open interest has been connected with higher prices. In this circumstance, the price surge should continue.
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