The Dogecoin price has been somewhat inconsistent over the past few weeks, mirroring the indecisiveness of investors in the general cryptocurrency market. This instability was on display in the past week when the price of DOGE fell from $0.24 to as low as $0.21 on Friday, August 22.
On Friday, the Dogecoin price briefly returned to above $0.24, triggered by Federal Reserve Chair Jerome Powell’s speech at Jackson Hole. However, the latest price data shows that the meme coin might only be at the beginning of an extended rally over the next few weeks.
In an August 23 post on social media platform X, crypto analyst Ali Martinez put forward a bullish prediction for the price of Dogecoin in the coming weeks. The online pundit shared that the largest meme coin by market capitalization could be on the verge of a 30% move to the upside.
This optimistic projection revolves around the formation of a symmetrical triangle pattern on the 4-hour timeframe of the Dogecoin price chart. The symmetrical triangle is a technical analysis pattern characterized by a diagonally falling upper trendline (connecting the swing highs) and a diagonally rising lower trendline (along the swing lows).
The token’s price typically constricts and moves toward the apex in a symmetrical triangle pattern. In the end, the price either breaches the upper trendline for a breakout or the lower trendline forming a breakdown. Depending on the direction of the break (breakout or breakdown), the symmetrical triangle formation could be seen as a continuation or reversal pattern.
It is worth mentioning that symmetrical triangles tend to be continuation break patterns, as the asset’s price usually breaks in the initial trend direction before falling into the triangle pattern. Going by this logic, Martinez suggested that the Dogecoin price is likely to continue its uptrend after breaking out of the current setup.
If the price of DOGE plays out as projected, the crypto analyst expects the meme coin to move toward the $0.3 mark—representing a 30% move from the current price point. The price target is determined by adding the length of the widest point of the triangle (or base) to the breakout point.
Nevertheless, investors have to wait for the close of at least two candlesticks above the triangle’s upper boundary to confirm a bullish breakout.
As of this writing, the price of DOGE stands at around $0.2366, reflecting an almost 1% decline in the past 24 hours.
