Dogecoin Breaks Below Ascending Triangle, Potential 16% Price Drop Ahead
An analyst has identified a bearish trend for Dogecoin, linked to an Ascending Triangle pattern observed in its hourly price chart.
Key Points on Dogecoin's Technical Analysis
- The Ascending Triangle pattern indicates consolidation with higher highs and higher lows.
- Dogecoin's price recently tested the lower support line of this pattern but failed to hold.
- This breakdown suggests a continuation of a downward trend for DOGE.
- A potential 16% price swing could occur based on the height of the triangle.
- Current price remains around $0.16, showing limited movement over the past week.
