This Bullish Dogecoin Pattern Says DOGE Price Is Ready To Double
Dogecoin has spent the previous week hovering between $0.15 and $0.17, which is an extension of its misplaced momentum in October. Despite the general weak spot throughout the crypto market, technical evaluation exhibits that the meme coin has maintained a firm footing close to its help zone and resisted the broader bearish stress by holding above $0.15.
Bitcoin’s current worth actions have set the tone for the remainder of the market, however Dogecoin’s worth motion means that the token could be getting ready for a reversal section. A technical evaluation from crypto analyst NekoZ on X has drawn appreciable curiosity, because it factors to a bullish setup forming on Dogecoin’s weekly chart.
Symmetrical Triangle Points To A Bullish Bounce
According to NekoZ, Dogecoin is presently buying and selling inside a large symmetrical triangle sample that has been forming for months. This sample is seen on the weekly candlestick worth chart, and the formation goes way back to late 2024.
The weekly chart exhibits the worth approaching the decrease boundary of this construction, the place there’s a high chance of a reversal. The worth motion inside the triangle exhibits the creation of upper highs in October, and Dogecoin might bear an explosive transfer in both route. Given that the present construction has defended above $0.15, the setup is tilting toward a bullish breakout scenario.
The analyst’s chart highlights {that a} profitable bounce from the present zone might drive Dogecoin’s worth again in the direction of the higher trendline. A sustained transfer above $0.18 may very well be the primary signal of this chance, particularly whether it is accompanied by a rise in buying and selling quantity.
New Impulse Wave Could Push DOGE To $0.35
Dogecoin’s worth is hovering proper inside the circled area on the chart, which signifies that it’s testing the decrease help line of the triangle. The previous few weekly candles present that patrons have defended the decrease vary, stopping a deeper correction.
If Dogecoin manages to bounce on the decrease trendline, then the following outlook could be a push upwards. However, the meme coin nonetheless has an extended climb forward earlier than testing the resistance space between $0.30 and $0.33.
A break above the higher trendline will successfully virtually double its present worth. Such a transfer would mark the beginning of a brand new impulse wave and signify the eventual break of the symmetrical triangle formation that has characterised Dogecoin’s worth motion because the starting of the yr. It would additionally open the trail for a Dogecoin price outlook at $0.35 and above.
However, the symmetrical triangle’s completion transfer additionally depends on how fast Bitcoin can stabilize above $100,000 and the broader market sentiment turns risk-on once more. At the time of writing, Dogecoin is buying and selling at $0.1643, up by 0.5% prior to now 24 hours.
