<\/p>\n
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- Dogecoin in the spotlight as a triangle pattern highlights the potential for a new tide.<\/em><\/li>\n
- Evaluating the state of confidence in Dogecoin.<\/em><\/li>\n<\/ul>\n
Dogecoin [DOGE]<\/a> is rapidly approaching an important price range that could either result in a breakout or a breakdown. This expectation is based on its long-term price pattern which takes the shape of a descending triangle.<\/p>\n
\nIs your portfolio green? Check out the Dogecoin Profit Calculator<\/a><\/p>\n
\nA recent analysis revealed that Dogecoin is rapidly approaching a breakaway from the triangle pattern. The latter goes all the way back to the memecoin\u2019s 2021 peak and has since been underpinned by descending support.<\/p>\n
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#Dogecoin<\/a> is approaching the apex of this multi-year descending triangle formation.<\/p>\n
A weekly candlestick close above $0.0835 could trigger the beginning of a new $DOGE<\/a> bull run, potentially toward $1. Yet, we must watch out for the $0.0482 support, as any sign of weakness\u2026 pic.twitter.com\/Emcwfyv6cE<\/a><\/p>\n
\u2014 Ali (@ali_charts) October 13, 2023<\/a><\/p>\n<\/blockquote>\n
According to the analysis, the breakout and subsequent price direction are still a toss-up. In other words, there is still a chance that it might kick off the next major rally. On the other hand, there still stood the risk of more downside especially now that the crypto market and the risk-on asset segment in general are facing a liquidity crunch.<\/p>\n
DOGE\u2019s short-term outlook suggested that more sell pressure could be on the cards since it was yet to dip into oversold territory. The next short-term support range could occur between the $0.056 to $0.053 price bracket if sell pressure prevails. Dogecoin exchanged hands at $0.058 at press time.<\/p>\n
![\"Dogecoin](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/DOGEUSD_2023-10-14_02-20-52.png\")
<\/a><\/p>\nSource: TradingView<\/p>\n<\/div>\n
On the flip side, Ali\u2019s analysis suggested that it could go as high as $1. This was the target that it failed to achieve during the previous bull run in 2021. But is it really possible for Dogecoin to rally to the $1 price tag?<\/p>\n
Well, mainstream cryptocurrencies have historically rallied past previous highs and this could turn out true for the grandfather of the memecoins.<\/p>\n
Are Dogecoin\u2019s good days behind or yet to come?<\/strong><\/h4>\n
The bear market has brought forth a decline in interest in mainstream memecoins. As such, there are genuine concerns about whether it can sum up enough demand to push back to previous highs and possibly higher. DOGE\u2019s marketcap may offer a confidence boost since it still has over $8.2 billion, suggesting that there are still many believers holding for the long term.<\/p>\n
- Evaluating the state of confidence in Dogecoin.<\/em><\/li>\n<\/ul>\n
![\"Dogecoin](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Dogecoin-DOGE-02.38.54-14-Oct-2023.png\")