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Dogecoin Price Fluctuates In Ascending Triangle, Why This Is Very Dangerous

Press Releases Crypto News Bitcoinist Dogecoin Price Fluctuates In Ascending Triangle, Why This Is Very Dangerous

Dogecoin’s price action is on a correction path in the weekly timeframe, with the cryptocurrency currently down by about 13% in the past seven days. Although the broader crypto market sentiment appears positive, the king of meme coins is yet to take advantage of this and push above the $0.4 mark.

Technical analysis of the DOGE price chart shows that the cryptocurrency is fluctuating in an ascending triangle, which could be dangerous for the price trajectory moving forward.

DOGE’s Ascending Triangle Pattern: Opportunity Or Risk?

Andrew Griffiths, a crypto analyst on social media platform X, noted that Dogecoin is currently fluctuating up and down in an ascending triangle pattern. This pattern has been in play since the middle of December, and Dogecoin has repeatedly bounced off both the upper and lower trendlines of this pattern.

In his analysis, Griffiths noted that the ascending triangle currently shaping DOGE’s price movement holds both promise and danger. Historically, this pattern is mostly known to eventually lead to a breakout to higher levels, but it also has the likelihood of sharp declines if the price breaches key support zones within the pattern.

Naturally, the bullish trajectory should be the case, but Dogecoin’s lingering flunctuation within the pattern suggests that the meme coin might initially trend downwards, even if it were to eventually go on another rally. Griffiths mentioned that optimism following Donald Trump’s election has created a positive broader market sentiment, which could support Dogecoin’s upward momentum. However, he emphasized that this optimism might not shield the meme coin from

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Author: Scott Matherson

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