Could Dogecoin Price Surge 25% as It Nears Symmetrical Triangle Breakout

Dogecoin price is currently trading within a symmetrical triangle pattern, a chart formation often associated with potential breakout moves. The pattern forms as price action converges within narrowing trendlines, indicating a phase of consolidation. Analysts suggest that as Dogecoin approaches the apex of this formation, the probability of a breakout increases.

Dogecoin Price Approaches Key Breakout

According to a recent analysis , Dogecoin is consolidating within a symmetrical triangle pattern, a technical setup that typically precedes a breakout. The price has been moving within converging trendlines, signaling indecision between buyers and sellers. This formation suggests that an imminent breakout could push the price in either direction, potentially leading to a 25% move.

A breakout above the upper resistance level could indicate bullish momentum, leading to a meme coin rally. Traders are closely watching this level for confirmation. On the other hand, if the price falls below the lower trendline, a downward move could follow, testing key support levels. Volume and overall market sentiment will determine whether Dogecoin moves upward or downward from its current position.

Historical price movements suggest that top meme coin rally patterns often coincide with Bitcoin’s performance and broader market trends. If Bitcoin maintains stability or moves higher, it could support Dogecoin’s bullish case. However, any major downturn in the crypto market may contribute to increased selling pressure.

Analyst Breaks Down Key Support and Resistance Levels

A crypto analyst from the More Crypto Online YouTube channel recently examined Dogecoin price action and identified key support and resistance zones. The analyst noted that Dogecoin has been trading sideways for the past ten days, following a February 3 selloff. The price briefly recovered but failed to break the $0.34 resistance level.

The current consolidation phase places the price in a stagnant range, with no confirmed bullish breakout yet. If the price follows an ABC corrective structure, a potential dip below the recent low of $0.238 is possible.

More so, a recent report highlighted that DOGE whales have been hesitant to accumulate more tokens despite the dip, signaling a lack of strong bullish conviction. This cautious stance further fuels uncertainty around Dogecoin price action, as investor sentiment remains fragile. If buying momentum doesn’t pick up, DOGE could face extended consolidation or even a potential downturn.

DOGE Price Action Amid Meme Coin Rally

The analyst pointed out that the bullish outlook for Dogecoin price remains intact as long as it holds above the $0.22 support level. This level aligns with the 78.6% Fibonacci retracement, making it a critical point for market participants. If the price remains above this support, the possibility of a bullish breakout increases.

However, a drop below $0.22 could shift market sentiment toward the bearish side, potentially leading to a further decline toward $0.204. A breakout above the $0.293 resistance level would provide the first signal of bullish momentum, while a stronger confirmation would come if Dogecoin price surpasses $0.342.

At press time, Dogecoin (DOGE) is trading at $0.2523, with a market cap of $37.38 billion. The 24-hour trading volume stands at $1.11 billion, indicating increased activity despite recent price fluctuations.

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