On a relatively quiet Sunday, Dogecoin’s price saw a modest 1.13% increase, trading at $0.11. This upward movement can be attributed to DOGE breaking out of a descending triangle pattern, potentially signaling a major trend reversal. The question remains whether this renewed bullish momentum can overcome the selling pressure stemming from ongoing geopolitical tensions between Israel and Iran.

Dogecoin Price Could Hit $0.20 If Pattern Holds, Analysts Say

Prominent analyst Ali Martinez has identified a descending triangle pattern in Dogecoin’s weekly charts. This pattern typically indicates a downtrend, but a recent breakout from the pattern’s upper trendline suggests DOGE may be poised for a rally.

Dogecoin has exhibited a pattern similar to its past market behavior: breaking out of a multi-year descending triangle, followed by a 200% surge and a subsequent 60% retracement. After a significant 65% correction, DOGE’s decisive breakout from the triangle’s upper trendline could signal the start of a bullish trend, with potential targets exceeding $0.20.

Data from Intotheblock shows that DOGE recently reclaimed a substantial supply of 43.72 billion coins held by 124,480 addresses when the price surpassed $0.108. These coins, now in profit, could provide sustainable support and reduce selling pressure from profitable traders.

DOGE Price Suggests 10.5% Drop Before Next Move Higher

Amid recent market corrections, Dogecoin’s price has pulled back from $0.132 to $0.1, representing a 21% loss. Ongoing geopolitical tensions have intensified selling pressure.

If selling continues, DOGE could potentially drop another 10.5% to find support at a newly emerging trendline around $0.1. Should this support hold, buyers may push the price above the recent $0.13 peak, potentially signaling a trend reversal.

However, if selling breaks below the support trendline, Dogecoin’s price could correct further to $0.08.