Dogecoin Price Prediction: DOGE targets $0.07 after breakout from key pattern
- Dogecoin price had a significant breakout from a descending triangle pattern.
- DOGE bulls target $0.07 as the next price after shifting the momentum back in their favor.
- The digital asset could see a pullback to re-test the previous resistance trendline.
Dogecoin price was trading sideways for the most part until a significant breakout from a key pattern which has already pushed the digital asset up by 15%.
Dogecoin price could quickly jump to $0.07
On the 4-hour chart, Dogecoin had a major breakout from a descending triangle pattern with a price target of $0.07, calculated using the height of the pattern as a reference point.
DOGE/USD 12-hour chart
According to the In/Out of the Money Around Price (IOMAP) chart there is low resistance to the upside. The most significant range is located between $0.057 and $0.059.
DOGE IOMAP chart
However, it is often the case that after a major breakout, the price of an asset pulls back towards the previous resistance level for a re-test. In this case, Dogecoin could touch $0.054 before a continuation to the price target.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
