Dogecoin Price Forecast: DOGE is back on track to hit all-time highs

  • Dogecoin price is bounded inside an ascending triangle pattern on the 12-hour chart.
  • Several indicators show that the digital asset will not have a lot of trouble breaking out. 
  • Nonetheless, Dogecoin remains extremely volatile in the short-term.

Dogecoin price has been trading sideways for a bit, but it’s ready for another leg up as it faces weak resistance ahead. The digital asset is aiming for a breakout of a key pattern formed on the 12-hour chart.

Dogecoin price on the verge of a new breakout

Dogecoin has established an ascending triangle pattern on the 12-hour chart with a resistance trendline formed at $0.062 and basically no resistance ahead. Since DOGE has defended the lower boundary of the pattern, it will most likely rise towards the top at $0.062.

doge price

DOGE/USD 12-hour chart

A breakout above the upper trendline of the pattern at $0.0628 should quickly drive Dogecoin price towards $0.083 with no difficulties. The In/Out of the Money Around Price (IOMAP) chart adds credence to this outlook as it shows practically no barriers ahead.

doge price

DOGE IOMAP chart

The strongest resistance area is located between $0.065 and $0.067, which means Dogecoin could briefly pause there before $0.083. On the other hand, the bears will need to crack several massive support levels to invalidate the bullish outlook.

doge price

DOGE/USD 12-hour chart

The IOMAP shows strong support between $0.0598 and $0.0562. This area coincides with the lower trendline of the ascending triangle pattern. A breakdown below this point would drive Dogecoin price towards $0.0386 in the long-term.

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