Dogecoin's price is at a crucial juncture, potentially leading to a major breakout. Analysts highlight an ascending triangle on the DOGE/USD daily chart, a bullish pattern indicating increased buying pressure. The horizontal resistance at around $0.44 is key, with support rising from $0.34.
For a breakout, Dogecoin must successfully retest the triangle’s top as a support level. This could propel DOGE to $0.54. On the 4-hour chart, the ascending channel pattern supports this bullish outlook, projecting a price target of $0.64.
News of Elon Musk's Congress address may further influence DOGE's price. Historically, Musk's involvement impacts the crypto’s market sentiment. Currently, Dogecoin is trading around $0.44, with $0.40 and $0.52 as significant levels to watch.
