Over the last 24 hours, we have seen a significant drop in the value of Dogecoin, with prices dipping below the $0.33 mark. This drop is part of a continued downtrend that began over 48 hours ago, during which time we saw Dogecoin failing to make substantial gains above the $0.40 level, following a failed attempt by Bitcoin to surpass $100,000.
However, technical analysis of Dogecoin’s price action still points bullish, and crypto analyst Trader Tardigrade has highlighted the recent 48-hour decline as a retest of a bullish pattern. According to the analyst, the Dogecoin price is only retesting the apex of an ascending triangle.
Dogecoin Price Retesting Ascending TriangleTrader Tardigrade’s technical outlook is based on the Dogecoin 4-hour candlestick timeframe and looks at the meme coin’s price action since the middle of December. As shown in the price chart below, Dogecoin is currently retesting the apex of an ascending triangle, which is a bullish technical pattern often associated with upward price momentum. This ascending triangle pattern puts Dogecoin at a critical junction, as the retest could either rebound upwards or break below to the downside, which would invalidate the bullish outlook.
What makes this scenario particularly compelling is its resemblance to a previous ascending triangle breakout observed in November 2024. At that time, Dogecoin broke above the upper boundary of the triangle at approximately $0.14 in late October. The Dogecoin breakout was followed by a move to $0.17 before the price retraced downward to retest the breakout point. This retest proved successful, as the Dogecoin price rebounded sharply and eventually climbed to multi-year highs.
