Dogecoin is showing signs of a potential breakout from a symmetrical triangle pattern with analysts predicting a possible 16% price increase
DOGE is currently trading around $0.17 and is close to overtaking Cardano’s market cap
Technical analysis indicates DOGE has broken above a falling wedge formation, considered a bullish reversal signal
The crypto is currently experiencing short-term pressure with support at $0.143 and resistance at $0.176
Increased social engagement and accumulation by traders suggest growing investor confidence in DOGE
Dogecoin (DOGE) appears to be on the verge of a price breakout after weeks of trading in a narrow range. The popular meme cryptocurrency is currently trading at around $0.17, with multiple technical indicators suggesting a potential upward move in the near future.
Two respected crypto analysts have identified promising patterns in DOGE’s price charts. Ali Martinez highlighted a symmetrical triangle formation on the one-hour chart. This pattern shows Dogecoin trading within a narrowing range with an upper limit near $0.18 and a lower support line extending upward from $0.144.
According to Martinez, a clear hourly close above the $0.16-$0.18 zone could trigger a 16% price increase from the breakout point. This move would release buying pressure that has been building over the past ten days.
Another analyst, CW, presented a daily chart showing what appears to be a falling wedge formation dating back to December 2024. In this pattern, DOGE formed lower highs and lower lows, converging toward a narrowing point.
$DOGE has break through the falling wedge pattern.
Now it’s time to move towards the Fibonacci retracement level of 1.618. The target is $0.71. pic.twitter.com/k708VXTz8s
CW noted that Dogecoin recently crossed above the wedge’s downward-sloping resistance line. This event is widely considered a bullish reversal signal once confirmed by subsequent price action holding above that line.
Market Analysis
The 4-hour price chart for DOGE shows a breakout from the symmetrical triangle pattern by surpassing the descending resistance line at around $0.1730. This move positions DOGE for a potential climb to $0.1790 before experiencing a possible downward correction.
For the breakout to remain valid, bulls need to defend prices above $0.1730. Failure to maintain this level could send DOGE lower toward $0.1660 or the $0.1600 ascending support line.
Short-term challenges remain for Dogecoin. The cryptocurrency recently formed a bearish tweezer formation on the daily chart after failing to sustain momentum at the $0.176 resistance level.
This pattern suggests DOGE may retest the $0.143 support level. If this occurs, traders might see a period of consolidation between $0.143 and $0.176 in the coming days or weeks.
Despite these short-term pressures, DOGE has shown resilience. Over the past week, it experienced only a slight 2.64% dip, holding relatively steady amid market fluctuations.
At press time, Dogecoin had a market capitalization of $25.22 billion. This places it just behind Cardano (ADA), which has a market cap of $26.17 billion. To overtake Cardano, DOGE would need to increase its price by just 1.03 times.
Social sentiment remains strong for Dogecoin. The cryptocurrency maintains its position as the top meme coin based on social engagement thanks to its passionate community and robust public support.
Smart DEX traders appear to view the current price range as a potential value zone. These investors have formed an accumulation base at key price support levels, which could be a sign of potential price appreciation in the near future.
The combination of smart buyers’ purchases and strong social sentiment provides support for DOGE’s price. This creates favorable conditions for further market growth as investor confidence continues to build.
The broader crypto market, led by Bitcoin’s steady uptrend, is showing signs of strength. Historically, DOGE has responded positively to Bitcoin’s upward movements, which could set the stage for a breakout if bullish conditions persist.
For now, traders are closely monitoring the key support level at $0.143 and resistance at $0.176. A decisive move beyond either of these levels could determine Dogecoin’s next major price action in the coming days.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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