DOGE is gaining attention as analysts point to a potential breakout. According to chart analysis and observations shared by Popular trader Satoshi Flipper on X (formerly Twitter), DOGE’s price movement within an ascending channel indicates the possibility of substantial upward momentum. The consolidation phase and technical patterns suggest that traders are watching this development.

The DOGE chart analyzed over a 4-hour timeframe reveals a well-defined ascending channel pattern. This channel is marked by two parallel trendlines, with the lower line serving as a support zone and the upper line acting as resistance. Over the past month, DOGE’s price has traded within these boundaries, consolidating and maintaining a steady upward trajectory.

Support levels are evident near $0.38 to $0.40, where the lower trendline has held strong during price pullbacks. On the other hand, resistance levels near $0.47 to $0.50 have capped upward momentum. Historical price action shows previous rejections at the upper trendline, though growing momentum suggests a retest could occur soon.

The month-long consolidation observed within the ascending channel reflects a balance between buyers and sellers. Consolidation phases like this are often precursors to explosive price movements, as they allow market participants to build positions. 

Heikin Ashi candles on the chart smooth price movements, providing clarity on the overall bullish bias. Recent green candles indicate growing buyer interest, supporting the anticipation of a breakout.

The price has also hovered around the midline of the channel, typically considered an equilibrium point. This position often precedes moves toward key resistance or support levels, depending on market sentiment and volume.

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Crypto trader Satoshi Flipper expressed optimism about DOGE’s price potential, emphasizing the strong ascending channel and predicting an “EPIC breakout.” The tweet, which has garnered attention within the crypto community, reinforces the chart analysis and bullish sentiment. Flipper’s commentary reflects the growing interest in DOGE as traders anticipate a decisive move.

If the price breaks above the upper trendline near $0.50 with substantial trading volume, a bullish breakout could materialize. Such a move might attract further buyer interest and push DOGE into a new trading range. If this momentum doesn’t hold up, the price could drop back to test the lower line, which would mess up the bullish pattern.

Keep a close eye on DOGE’s price, especially around key levels in this upward channel. The outcome of this setup could provide valuable insights into the next phase of DOGE’s price movement.

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The post Here’s Why Dogecoin (DOGE) Price Could See an Epic Breakout Soon – Analyst appeared first on CaptainAltcoin.

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