Dogecoin price action in the last 24 hours has matched a new low to retest the $0.33 support. This latest decline over the past 24 hours is a continuation of the 48-hour decline, which saw Dogecoin decline just below $0.40 after Bitcoin again declined below $100,000.
However, technical analysis of Dogecoin price action is still pointing bullish, and crypto analyst Tardigrade has highlighted the recent 48-hour decline as a retest of the bullish pattern. According to the analyst, the price of Dogecoin is repeating the apex of the ascending triangle.
Dogecoin Price Retests Rising Triangle
Trader Tardigrade’s technical opinion is based on Dogecoin’s 4-hour candlestick time frame and looks at the meme coin’s price action since mid-December. As shown in the price chart below, Dogecoin is currently retesting the ascending triangle, which is a new technology pattern that is often associated with rising prices. This ascending triangle pattern puts Dogecoin in a critical situation, as the retest could either rise higher or break lower, which would invalidate the bullish view.
What makes this trend particularly compelling is its similarity to the previous ascending triangle seen in November 2024. At that time, Dogecoin broke above the upper boundary of the triangle at around $0.14 in late October. Dogecoin’s breakout was followed by a move to $0.17 before the price pulled back down to retest the breakout point. This retest was successful, as the price of Dogecoin rebounded sharply and eventually rose to multi-year highs.
Is It Time to Buy or Sell Dogecoin?
According to Trader Tardigrade, this is not a the right time to downsize or sell Dogecoin shares, as the cryptocurrency may be close to a significant price change. The similarity of chart patterns between the current price action and that of November 2024 adds weight to Trader Tardigrade’s view, and history can repeat itself. Nevertheless, the current re-evaluation is one that must be considered before making any final decisions, and its outcome will determine whether Dogecoin can repeat the bullish trajectory seen last year or face a reversal.
Current market sentiment and supports the possibility of a renewal of the bullish trajectory of the price of Dogecoin, the latest at the end of January. Optimism in the entire cryptocurrency sector has been fueled by the eagerness of President-elect Donald Trump’s administration to implement it. the promised change in crypto policies.
At the time of writing, the price of Dogecoin is trending at $0.3383, representing a 2.5% decrease in the last 24 hours. Despite this temporary dip, Trader Tardigrade predicts that a rebound from the top of the ascending triangle may initiate a new uptrend. The analyst has set a price target of $0.95 for Dogecoin, which, if reached, will mark the new meme coin.
The featured image was created with Dall.E, a chart from Tradingview.com