Dogecoin (DOGE) is currently trading around $0.1723

Prominent crypto analyst Ali Martinez has shared an hourly chart, highlighting a consolidation range for Dogecoin (CRYPTO: DOGE) between $0.16 and $0.18.

What Happened: According to Martinez, a definitive close outside this range could trigger a 16% price move.

"A close outside $0.16-$0.18 could trigger a 16% price move on #Dogecoin $DOGE after a period of consolidation. Will be interesting to see if we get a breakout or breakdown scenario here,

" he said.

Dogecoin Ascending Triangle

The chart shared by the analyst shows that Dogecoin has formed a classic ascending triangle–a pattern formed when price makes higher lows while facing resistance at a horizontal level.

Here, the horizontal resistance is around $0.177 while the trendline of higher lows is acting as support. A breakout above this level could push Dogecoin toward $0.208, calculated by adding the triangle’s height ($0.031) to the breakout point.

But if price fails to break out and drops below support, it could decline to $0.146 or lower.

On the daily price chart, the largest meme coin has been forming a falling wedge pattern since mid-November. A falling wedge is a bullish reversal pattern, where breakout typically occurs to the upside, signaling a strong rally.

The Moon Show Founder, Carl Moon, has set a bold price target of $0.434, a 150% increase from the current price level.

"Once $DOGE breaks out of this falling wedge, it will absolutely fly! The target is the top at $0,434

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Meanwhile, the Bollinger Bands show that DOGE is currently trading close to the mid band (SMA around $0.18). If the price manages to break above this level, it could indicate a shift in momentum upwards.

On the other hand, the RSI is currently hovering around 52, which suggests that there is more buying pressure on the token.

The key resistance levels to keep an eye on are $0.18 and $0.20. If DOGE manages to sustain a breakout above $0.18, it could continue to rise towards $0.25 and beyond.

The token also records an immediate support of $0.16, with stronger support at $0.14. A breakdown below these levels could signal bearish pressure on the token.

DOGE Price to $1?

Interestingly, crypto analyst Andrew Griffiths has pointed out that Dogecoin has managed to stay above its 1-month MA50 this month. According to him, this cycle is similar to the previous two, but with less volatility due to a more mature market.

"If we examine the 1-week RSI, we can see that we're currently at the bottom of the final bull cycle pullback. After this, I anticipate a strong rally towards the cycle high, which could take us to the $1 mark by the end of the year."

It is worth noting that despite the ongoing meme coin market slump, DOGE has seen a 30% rise in its value over the past year. However, the token is still 76% down from its peak of $0.7376, which was reached in May 2021, according to CoinMarketCap data.

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