Dogecoin Prepares for a Major Breakthrough: This is Why Today Could Be the Day?

Dogecoin (DOGE) is at a crucial point as technical analysts point to a potentially significant breakthrough. Renowned cryptocurrency analyst Rekt Capital has identified a key pattern on the daily price chart of DOGE/USD, indicating an imminent breakout. Will the Dogecoin Price Confirm the Breakthrough Today or Not? The daily chart of Dogecoin shows a rising triangle pattern that has developed in recent weeks. This pattern is often seen as a signal of continued price increase, characterized by a horizontal resistance line and an upward support line. The pattern indicates accumulating buying pressure, as each pullback becomes shallower—implying that buyers are willing to buy at higher lows.

The upper horizontal line of the triangle is approximately $0.44, a level that has been tested multiple times and serves as a significant barrier to upward movement. The increasing support trendline starts at around $0.34 and gradually rises, forming the lower boundary of the triangle and highlighting the increasing support levels. Rekt Capital emphasizes the importance of current price action, stating: “Dogecoin has been tracking every move of Bitcoin up until now. It is now retesting the top of the ascending triangle as support. A successful retest here is crucial to pave the way for a confirmed breakout.” If this retest solidifies the resistance level of the triangle as a new support level, it could pave the way for a significant price increase. The potential breakout target can be calculated by measuring the maximum height of the triangle—from the base near $0.34 to the peak at $0.44—and projecting it upwards from the breakout point. This indicates that Dogecoin has the potential to reach or surpass the $0.54 mark. Dogecoin Price Analysis (4-Hour Chart) Another well-known cryptocurrency analyst, Satoshi Flipper (@SatoshiFlipper), has provided detailed information based on the DOGE/USD 4-hour chart. He notes: 'DOGECOIN/usdt 4 hours: DOGE is still consolidating, for nearly a month now, but this perfect ascending channel is nicely filling up and the breakout will be EPIC, stay tuned.'

The chart illustrates an ascending channel pattern, characterized by two parallel upward sloping lines containing price action. This pattern is recognized as a bullish trend, formed by higher lows and higher highs. The price of Dogecoin has fluctuated between these lines, with the lower line acting as support and the upper line acting as resistance. Currently, the price is approaching the middle line of the channel, providing significant resistance around $0.46. Key levels to watch include: The lower boundary support level around $0.40. The upper boundary resistance level near $0.52, a potential catalyst for the next big move of Dogecoin. The target price after breaking through the ascending channel can be estimated by measuring the channel's height at its widest part and extending that distance up from the breakout point. This forecast suggests that DOGE could rise to $0.64. In addition to technical signals, there may be a key catalyst for DOGE price today, December 5th. According to Money Blog, Elon Musk and Vivek Ramaswamy will speak before members of Congress. They are expected to present important proposals under the auspices of the Government Efficiency Department (DOGE). This development could have a significant impact on the price of Dogecoin, as Elon Musk's involvement in memecoin history has influenced market sentiment. At the time of the media report, DOGE was trading at $0.44.