- The trading price of Dogecoin at $0.171 shows an ascending triangle pattern which suggests a possible market breakout or market rejection event will occur.
- The price of DOGE has the potential to reach $0.175–$0.178 if it exceeds $0.171 but falling below $0.165 support may initiate downward movement.
- The continuation of bullish momentum requires steady trading volume yet insufficient volume might cause prices to bounce back.
The Dogecoin (DOGE) price action shows a consolidation phase in a rising triangular pattern on its hourly time frame before bulls might initiate a new upward movement. Dogecoin maintains a trading price of $0.1710 with a 1.49% increase recorded throughout the 24-hour.
Source:Coinmarketcap
The price of DOGE has stayed narrow between $0.1668 and $0.1719 while the market shows equal strength from both bulls and bears at this critical moment.
Technical Analysis: Ascending Triangle in Focus
An ascending triangle pattern indicates DOGE faces $0.171 resistance but its price movements establish higher lows within a rising trendline. This bearish pattern combines rising price pressure from purchasers which indicates that a potential price breakout may occur with adequate trading volume. When price rejects resistance at this point it might trigger an eight-back movement.
A successful breakout of $0.171 with strong trading volume might elevate DOGE prices towards $0.175–$0.178 to create its new highest point since November 2022. The price should move toward $0.185 in case the bullish momentum sustains above this level.
A failure to sustain the price within the area of $0.168 and $0.165 could generate increased selling force leading to a price reduction potentially reaching $0.160 or lower. Market traders should track how prices move along with trading volumes because these indicators determine the upcoming market direction.
Market Implications and Future Trends
Market analysts interpret an ascending triangle breakout as a sign of improving market sentiment which pulls additional traders into buying DOGE. Low trading volume combined with vibrant resistance at $0.171 may cause traders to mistakenly identify a breakout but actually lead to rejection.
The current market context puts DOGE at a critical juncture from which its upcoming direction will determine future short-term market performance. The price point at $0.171 needs trader observation as it indicates which way the trend will move.
