Dogecoin Faces Critical Juncture Amid Symmetrical Triangle Pattern, Analyst Lays Out Two Scenarios For DOGE
Dogecoin exhibited a slight uptick this week after eyeing a symmetrical triangle support breach on the charts. DOGE currently trades around $0.0824, with a 3% surge in value over the last 24 hours. How this level holds could determine DOGE’s trajectory in the coming weeks.
What you'll learn 👉
Reclaiming Crucial Exchange Support
Trader Crypto Simon spots DOGE navigating through notable changes lately with its symmetrical triangle breakdown. He identifies $0.078 as the next support to watch for a “pronounced recovery” towards escaping the bearish pattern.
Moreover, $0.075 marks a multi-year exchange support level, according to Simon. Bounces from this demand zone in the past signal its macro significance. A reactive rally from here could restart DOGE’s stalled upside momentum within the triangle.
On the flip side, failing to hold the $0.075 support risk further declines towards the next key zone around $0.070. DOGE sits at a crossroads currently amidst the mixed market momentum.
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Show more +30% Rally Incoming?
Fellow swing trader Captain Faibik also weighs in on the symmetrical triangle breach. He expects an upside breakout resulting in a +30% DOGE price rally in the short term. This divergent view underscores mixed analyst opinions around crucial chart patterns.
Zooming into the price action, analysis platform altFINS identifies a bullish view with DOGE entering a “robust support zone” between $0.075 and $0.080. They view this area, encompassing the 200-day moving average and horizontal support, as an attractive swing entry to ride a rebound up to $0.10 and even $0.11 medium-term. A stop loss of around $0.067 seems prudent in case support fails.
With DOGE at a critical technical junction after violating its symmetrical triangle support, analyst views remain split on where it heads next.
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