Crypto analyst CobraVanguard has set the next price target for Dogecoin as an ascending triangle forms for the foremost meme coin. A rally to this price target could pave the way for the new highs, especially with the crypto market looking to be in rebound mode.

Next Target For Dogecoin As Ascending Triangle Forms

In a TradingView post, CobraVanguard set $0.197 as the next target for the Dogecoin price with an ascending triangle forming. He noted that this ascending triangle indicates a potential price increase. The analyst added that it is anticipated that the price could rise, aligning with the projected price movement of AB=CD.

“Crucially, we need to see the triangle break or play out completely before we can factor in any action or opportunities. Ideally, we'd like to see a breakout and retest to set up some entries. But crucially, we'll be able to factor in some opportunities if the triangle plays out completely and we get a bounce on the third point of contact with the trendline, which aligns perfectly with the projected landing zone of AB=CD, setting up some excellent opportunities if it plays out like this.”

Meanwhile, CobraVanguard warned that it is crucial to wait for the triangle to break before taking any action. His accompanying chart 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.

DOGE’s Market Structure Has Shifted

In an X post, crypto analyst Trader Tardigrade revealed that Dogecoin’s market structure has shifted. This came as he noted that Dogecoin is recovering from an ascending triangle, forming higher highs and higher lows from lower highs and lower lows.

“On lower time frames, we can clearly see that the market structure has shifted on the 1-hour chart as it is recovering nicely from the ascending triangle, forming higher highs and higher lows, contrasting with the previous lower highs and lower lows.”

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 forge 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 manages to sustain itself above the $0.16 support at the lower boundary of an ascending channel, historical trends suggest that it could experience a rebound to mid-channel levels around $4 or potentially even the upper channel boundary at approximately $20.