Dogecoin (DOGE) displays potential bullish momentum as crypto analysts identify a correlation between DOGE and Bitcoin price movements.
Trading experts Captain Faibik and Rekt Capital share technical analyses suggesting DOGE could target higher price levels. This comes with particular attention to symmetrical triangle patterns and ascending support levels.
What you'll learn 👉
Pattern Suggests Potential DOGE Movement
The DOGE chart by Captain Faibik exhibits a symmetrical triangle formation on the 4-hour chart. The pattern shows convergence between higher lows and lower highs, with support near $0.38 and resistance around $0.44.
The chart indicates steady buying pressure at the support trendline, while sellers maintain pressure at the resistance level.
The technical formation suggests a possible price movement, as symmetrical triangles often precede market directional shifts. Trading volume within this pattern demonstrates reduced volatility, a characteristic that typically occurs before price breakouts.
Read also: Analyst Says Polkadot is ‘Growing Fast,’ Predicts DOT Price Surge to $50
Bitcoin Correlation Drives DOGE Price Action
Rekt Capital’s analysis points to DOGE’s historical tendency to mirror Bitcoin’s price movements.
The analyst notes DOGE currently tests the upper boundary of an ascending triangle as support. This technical setup aligns with broader market observations of Bitcoin’s influence on altcoin prices.
Price Targets and Support Zones
Technical data reveals multiple price zones for DOGE traders to monitor. The $0.38-$0.39 range serves as immediate support, backed by the ascending trendline. Should prices decline, $0.35 emerges as a secondary support level.
On the upside, Captain Faibik projects a target of $0.60, representing a potential 39.90% gain from current levels. The measured move calculation, derived from the triangle pattern’s base height, supports this upside target.
However, DOGE must first overcome the $0.44 resistance level to validate the bullish scenario. Market participants continue to watch these technical levels for confirmation of either bullish or bearish moves.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
