2021-03-08 20:19:05

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 price

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.

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