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DOGE Forms Descending Triangle, Will it Observe 5-Digit Spike Again?

Published 24/07/2023, 08:32
DOGE Forms Descending Triangle, Will it Observe 5-Digit Spike Again?

  • Ali observed a descending triangle pattern forming on the DOGE one-week chart.
  • The DOGE/USDT 1-Day Chart shows a falling wedge pattern could be forming.
  • DOGE’s three-digit spike and five-digit could be caused by the trader’s interests.

A crypto analyst under the pseudonym Ali observed a descending triangle pattern forming on the DOGE one-week chart. The crypto analyst also pointed out that DOGE experienced a 23,200% surge last time a descending triangle pattern formed. Currently, Ali speculated that if DOGE closes above $0.80, then, there may be a chance that the bullish surge could happen once again.

Looking at the DOGE/USDT 1-Day Chart, the candlesticks could be forming a falling wedge pattern. This could be deduced by observing the lower highs and lower lows that are continuously forming over time. Moreover, the 200 SMA and the trendline could converge soon, creating a strong resistance level for DOGE.

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