Dogecoin (DOGE) Price Prediction: Next Target Is $0.197 as Ascending Triangle Forms

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Crypto analyst CobraVanguard has set a next price target for Dogecoin as it forms an ascending triangle, indicating a potential increase in price. It is anticipated that the price could rise, aligning with the projected price movement of AB=CD.

However, it's crucial to wait for the triangle to break before taking any action. In his accompanying chart, the analyst showed that Dogecoin needs to break above $0.177 to confirm a break above the ascending triangle. A break above that target would then lead to a rally to the $0.197 target.

Dogecoin already looks to be in rebound mode at the moment, alongside Bitcoin, which is nearing the $90,000 mark again. The foremost meme coin is nearing the $0.177 target for a break above the ascending triangle.

As crypto analyst Kevin Capital suggested, DOGE will likely rally as long as BTC is in bullish territory.

Crypto traders are also betting on a Dogecoin rally to the upside. Crypto analyst Ali Martinez revealed that 76.26% of traders with open DOGE positions on Binance futures are leaning bullish. This is particularly bullish because Binance traders have a good track record of being right most of the time.

In another X post, Martinez revealed that whales bought over 120 million DOGE last week, which is also bullish for the foremost meme coin.

"Dogecoin has shifted market structure. It's now recovering the ascending triangle, forming higher highs and higher lows from lower highs and lower lows. This shifted the structure from downtrend to uptrend on the 1H chart as it just formed the second higher high."

Based on this, the analyst affirmed that Dogecoin had shifted the market structure from a downtrend to an uptrend on the hourly chart since it just formed the second higher high. His accompanying chart showed that DOGE is eyeing a rally to $0.177 as it continues to form higher highs.

Martinez raised the possibility of the Dogecoin price rallying to as high as $4 or even $20 in the long term. He stated that if DOGE holds above the $0.16 support at the lower boundary of an ascending channel, history suggests that it could rebound toward the mid-range at $4 or upper range at around $20.

At the time of writing, the Dogecoin price is trading at around $0.174, up over 3% in the last 24 hours, according to data from CoinMarketCap.