Dogecoin (DOGE) could be on the verge of an explosive price rally, as recent technical analysis reveals that the popular meme coin may be forming a distinctive Ascending Triangle pattern on its 4-hour chart. This bullish continuation pattern, combined with a rebound from an oversold Relative Strength Index (RSI), suggests that a breakout could occur anytime soon.

Dogecoin Eyes Breakout As Ascending Triangle Forms

An Ascending Triangle is typically seen as a bullish chart pattern, formed by a horizontal resistance line connecting swing highs and a rising trendline connecting lower lows. Interestingly, a crypto analyst, Trader Tardigrade, has identified what appears to be an Ascending Triangle forming on the Dogecoin price chart in the 4-hour timeframe.

Analyzing the analyst’s presented chart, Dogecoin’s price action shows a series of higher lows along an ascending trendline while facing resistance at $0.334 on the horizontal level. This Ascending Triangle formation suggests that buyers may be gaining strength, potentially leading to a breakout to the upside if the meme coin breaches the above resistance level. 

Notably, the lower part of the chart shows that Dogecoin’s RSI indicator recently entered oversold territory, dropping below 30%. The RSI has since rebounded and is gaining significant momentum, with indicators suggesting it may have room to surge towards overbought zones above 70%. This positive shift in momentum indicates a steady increase in buying pressure, supporting the possibility of a Dogecoin price appreciation to new highs.

Based on the chart’s forecast, DOGE’s price could skyrocket toward the range between $0.355 and $0.360 if it successfully breaks above the Ascending Triangle resistance at $0.334. Conversely, a rejection at this resistance level could lead to a retest of the ascending trendline before another breakout attempt.

What’s Next For DOGE?

Despite reports from CoinMarketCap highlighting a price decline of over 6% in the past week, Dogecoin remains resilient, aiming for new highs above the $0.6 mark. A prominent crypto analyst, identified as ‘Coinvo’, has announced to his over 324,000 followers that a new Dogecoin all-time high is imminent. 

The analyst shared a detailed chart illustrating the DOGE price action over a multi-year period on a weekly timeframe. He highlighted two primary resistance levels, which suggests that the meme coin could rise to a new ATH soon.

The first resistance level, $0.015, was broken in early 2021 during the previous bull run, leading to a parabolic price surge in Dogecoin. The second resistance level, $0.6, represents Dogecoin’s all-time high in 2021, which its current price looks to be approaching again. 

DOGE is currently trading at $0.33, having experienced a prolonged downtrend and consolidation between 2022 and 2023. Based on historical trends, the meme coin’s price could be nearing its previous peak, as it follows a similar bullish trajectory as the 2021 bull run.

Featured image from Unsplash, chart from Tradingview.com

Crypto analyst Ted has given his Ethereum price prediction, revealing when ETH will rally to as high as $10,000. This provides a bullish outlook for the second-largest crypto, which has underperformed for a while now.

Ethereum Price Prediction: When ETH Will Hit $10,000

In an X post, Ted revealed that the Ethereum price will hit $10,000 within three to four months. This came as the analyst noted that ETH was forming higher lows in the longer timeframe.

In line with this, he remarked that $4,000 remains the most crucial level, as reclaiming this level will send ETH to a new all-time high (ATH). Once that happens, the crypto opined that the crypto could hit $9,000 to $10,000 within three to four months.

Ted also alluded to the fact that Donald Trump’s World Liberty Financial has been buying ETH, stating they will continue to buy more. CoinGape reported that World Liberty Financial bought $71.5 million worth of ETH following Trump’s inauguration. Since then, the DeFi project has continued to accumulate more ETH, which is bullish for crypto.

Meanwhile, in a more recent X post, Ted mentioned that the Ethereum price has entered its short-term expansion phase. He remarked that he sees ETH rallying above $4,000 in the coming days before any correction. The analyst further opined that the crypto will hit $4,500 in February, and then a new ATH by March is likely, especially if Trump keeps buying Ethereum.

Possibility Of ETH Still Dropping To As Low As $2,100

Crypto analyst Ali Martinez raised the possibility of the Ethereum price dropping to as low as $2,100. In an X post, he stated that Ethereum’s market value to realized value (MVRV) has dropped below the 160-day moving average again.

He further revealed that the last time this happened was on June 23 last year, which led to a 40% price correction, with ETH dropping from $3,500 to $2,100. That range is crucial, as the crypto analyst revealed in another post that the key support zone for the Ethereum price lies between $2,230 and $2,610, where 11.99 million wallets accumulated 62.27 million ETH.

Crypto analyst Egrag Crypto also provided a bearish outlook for Ethereum, as he predicted that the XRP will flip ETH in this cycle to become the second largest crypto by market cap. According to him, money will no longer flow from BTC to ETH but from BTC to XRP, before then flowing to other major caps.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.