A crypto analyst has pointed out how Dogecoin has remained stuck in a Descending Triangle recently, decompression from which could potentially trigger a notable move.
Dogecoin Has Continued To Coil Inside A Descending Triangle
In a new post on X, analyst Ali Martinez has shared a Descending Triangle pattern that has recently been forming in the 4-hour price chart of Dogecoin. The Descending Triangle is a triangular consolidation channel from technical analysis (TA) that forms when an asset travels between two converging trendlines to a net downside.
A key feature of the pattern is that the lower trendline is parallel to the time-axis. Thus, as the price moves through the channel, the upper end of its range progressively gets smaller.
Like other consolidation patterns in TA, the upper trendline of a Descending Triangle is also assumed to be a source of resistance, while the lower one that of support. A break out of either of these boundaries can imply a continuation of tren
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