Validation of interesting chart pattern might push Dogecoin (DOGE) up 20%
Dogecoin, the eighth largest cryptocurrency, is currently up 8.65% in the last 24 hours at $0.083. The cryptocurrency is likewise up 11.96% in the last seven days.
Dogecoin has steadily climbed higher since hitting lows of $0.062 on March 10. Although it consolidated in a range shortly after reaching highs of $0.075 on March 14, the rise resumed once again, pushing Dogecoin above the barrier, coinciding with its daily moving averages of 50 and 200.
#Dogecoin appears to be forming an ascending triangle on its 12-hour chart.
Watch out for a 12-hour candlestick close above the 200EMA, which could trigger a 20% upswing for $DOGE toward $0.093. A sustained drop below $0.072 can serve as invalidation. pic.twitter.com/zzQ9MD1C5r
— Ali (@ali_charts) April 1, 2023
After two consecutive days of gains, Dogecoin touched intraday highs of $0.085 on April 2.
Dogecoin enjoyed attention this week as Burger King UK flirted with the dog-themed coin. As reported, Burger King UK tweeted, “Trying to convince my manager to let me have an office doge” while earlier it made a rather unusual request in reaction to a crypto user’s tweet, “We need doge.”
Elon Musk, the CEO of Tesla, requested on Friday that a U.S. court dismiss a $258 billion racketeering lawsuit that accuses him of operating a pyramid scheme to support the cryptocurrency Dogecoin. In a footnote, the attorneys also rejected the assertion of claims that Dogecoin met the criteria for securities.
Here is what might push Dogecoin higher
According to crypto analyst Ali, Dogecoin appears to be forming an ascending triangle on its 12-hour chart.
He urges traders to watch out for a candlestick closing above the 200 EMA (exponential moving average), which might trigger a 20% upswing for DOGE toward $0.093.
On the other hand, he notes that a sustained drop below $0.072 could serve as invalidation for the signal.
On the daily chart, the dog-themed cryptocurrency is portraying mixed indications: a bearish crossover of the moving averages coupled with a positive daily RSI might suggest that Dogecoin’s price action might weigh in favor of either bulls or bears in the coming days.
