Key facts
- Dogecoin's price action is being analyzed for a potential breakout similar to a 2024 pattern.
- Technical analysis suggests a descending triangle formation, which previously led to a 300% rally.
- The current pattern is described as a 'compression phase' before a potential breakout.
- A projected upside movement targets Dogecoin's price returning to $0.5.
- Dogecoin is currently trading at $0.09377, down 5% in the past 24 hours.
According to crypto analyst CoinForge, Dogecoin's recent quiet price action may precede a significant move, mirroring a pattern observed in 2024. The analyst points to a descending triangle formation on the daily chart, which historically led to a 300% rally, reaching a multi-year high of $0.48 in December 2024. The current chart shows a similar compression phase. If this pattern repeats, the analysis projects a breakout followed by a rally that could bring Dogecoin's price back to $0.5. At the time of writing, Dogecoin is trading at $0.09377, having fallen 5% in the last 24 hours and 16.6% over the past 30 days. A breakout above the current resistance line around $0.12 would be the first indicator of renewed buyer control.