DOGE Prepares for a Strong Rise: Can It Exceed $0.2?

Dogecoin price action (DOGE) indicates a consolidation phase in the bullish triangle pattern on the hourly timeframe before buyers can initiate a new bullish move. Dogecoin maintained a trading price of $0.1710 with a 1.49% increase recorded throughout the 24 hours.

The price of DOGE is still fluctuating between $0.1668 and $0.1719 while the market shows equal strength from both the buyers and sellers at this critical moment. Technical Analysis: Ascending Triangle is Being Noticed The ascending triangle pattern shows that DOGE faces a resistance level of $0.171, but its price fluctuations are setting higher lows in the uptrend. This bearish pattern combines upward price pressure from buyers, indicating that a breakout may occur with sufficient trading volume. When the price rejects the resistance level at this point, it may trigger a pullback volatility.

A successful break of $0.171 with strong trading volume could lift DOGE price to $0.175–$0.178 to create new highs since November 2022. The price will move towards $0.185 in case the bullish momentum sustains above this level. Failing to maintain the price within the range of $0.168 and $0.165 may lead to increased selling pressure, resulting in a potential price drop to $0.160 or lower. Market traders should monitor how the price moves along with trading volume as these indicators determine the upcoming direction of the market. Market significance and future trends Market analysts explain that the ascending triangle breakout is a sign of improved market sentiment, attracting more traders to buy DOGE. Low trading volume combined with strong resistance at $0.171 may confuse traders when identifying the breakout, but in reality, it leads to a rejection. The current market context places DOGE at a crucial point where its upcoming direction will determine future short-term market performance. The price at $0.171 needs to be monitored by traders as it indicates which way the trend will move.