Analysts are reporting that Dogecoin may be on the brink of a significant price change. A formation identified on the 12-hour chart may indicate possible upward movement.
Current Situation of Dogecoin
Currently, Dogecoin is consolidating in a triangular formation on the 12-hour chart. Analyst Ali noted, "Dogecoin (DOGE) is consolidating in a triangle, preparing for a 40% price move."
Growth Prospects for Dogecoin
As the boundaries of the triangle converge, a breakout may occur within days or weeks. If successful, Dogecoin could rise by 40%, suggesting a target price of $0.30 based on the current price of $0.213.
Dogecoin's Response to Threats
Dogecoin remains the 10th largest cryptocurrency with a market capitalization of $33 billion. In response to threats from the Qubic network, Dogecoin Foundation director Timothy Stebbing mentioned ongoing work on Project Sakura, a new staking-based validation mechanism designed to protect the blockchain from attacks.
The situation with Dogecoin remains dynamic, and analysts are closely monitoring developments, anticipating possible changes in the near future.
