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.

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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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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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency