Dogecoin recently soared to $0.426, its highest point since its 2021 boom. But, as often happens after a big price jump, it’s now seeing a bit of a pullback.
A Bullish Triangle? Or Not?
A crypto analyst, Kevin, noticed something interesting on the Dogecoin chart: a symmetrical triangle pattern. This pattern, formed by consolidating price action (lower highs and higher lows), usually means either a correction or a continued upward trend. Kevin pointed out that, given Dogecoin’s recent rally, a breakout to the upside was possible. However, he leaned towards a correction, citing an overbought condition (RSI above 90) as a key indicator.
Predicting the Dip
At the time of Kevin’s prediction (around $0.39), he suggested a potential support zone between $0.30 and $0.26. This represented a 30-40% drop from the recent high. He called this a “perfect size correction” for a bull market.
Could It Go Higher Instead?
While anticipating a correction, Kevin acknowledged the possibility of his analysis being wrong. He noted that the triangle could actually be a “bull flag” pattern, which usually signals a continued upward trend. If that’s the case, Dogecoin could potentially hit $0.90.
Where Dogecoin Stands Now
Currently, Dogecoin is trading around $0.37, down about 8.5% in the last 24 hours. Despite the recent dip, November is still shaping up to be one of its best months in years. The next few days will be key in determining whether Dogecoin continues its correction or breaks out to new highs.
