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Dogecoin

Dogecoin Breaks Out Of A Bullish Chart Formation, Time To Buy More DOGE?

Godspower Owie
by Godspower Owie
9 months ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Dogecoin might be demonstrating bearish price movements in the last few days. However, the upcoming days could be promising for the dog-themed meme coin following a recent breakout from a bullish chart pattern, which could push DOGE toward higher price levels.

Bullish Breakout Ignites Dogecoin’s Momentum For More Growth

Despite recent fluctuations in the general market, Dogecoin has managed to experience a positive trend by breaking out of a critical chart formation, as cited by Trader Tardigrade, a crypto analyst and investor. Specifically, DOGE has broken out of the Symmetrical Triangle pattern, sparkling optimism among investors and traders about an impending rally to higher levels.

Related Reading: Dogecoin Price Consolidates Ahead Of Rally, Can The Next Leg-Up Push It To A $0.74 ATH?

The expert highlights that this breakout could ignite renewed momentum for the meme coin, with key resistance levels now in focus. Given the robust optimism within the market and growing participation, the development raises the possibility of a sustained rally once DOGE resumes its uptrend.

Following the breakthrough from the Symmetrical Triangle formation, DOGE did not immediately pull back, suggesting that sellers did not defend the crypto asset above the upper line of the triangle. According to Trader Tardigrade, this is an indication of strength, implying the potential for more price growth.

Dogecoin
DOGE sparks more growth after crucial breakout | Source: Trader Tardigrade on X

Furthermore, in the event that Dogecoin retraces to the triangle’s upper line for a retest at the $0.44 price level, the expert claims that the drop might be a great chance to purchase more DOGE which could offer a potential return of more than 50% to the symmetrical triangle target set at $0.65.

Meanwhile, in the broader view, particularly the monthly time frame, Trader Tardigrade highlighted that DOGE has been bouncing between the Oversold and Overbought zones on the macro chart, reflecting heightened volatility and indecision among investors and traders.

According to the analyst, DOGE is currently moving into the overbought zone after exiting the oversold area, which is linearly predicted to be between the $8 and $10 levels. As a result, he is confident that DOGE will peak within the levels in the ongoing cycle.

With the $8 to $10 range projected as the peak of this cycle, the next floor price is forecasted to drop to about $1.8 and $0.8, presenting a purchasing opportunity for the following market cycle.

DOGE’s Decline Set To Extend?

DOGE continues to drop sharply, recording a nearly 6% decline in the past day. On Monday, the meme coin also witnessed a decrease of more than 11%, sparkling uncertainty and speculations about an extended bearish movement.

Related Reading: Dogecoin’s Bull Market Ahead? Expert Hints At Potential 200% Price Rally

However, the pullback may be shortlived as bulls are beginning to take control of the market, indicated by an over 81% increase in trading volume. As the market progresses, traders are advised to monitor key support and resistance levels as the meme coin navigates this critical phase.

Dogecoin
DOGE trading at $0.41 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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