Dogecoin Price Nears Triangle Breakout Rally, Eyes $0.20

Dogecoin (DOGE) is trading at $0.1683, down 3.46% in the last 24 hours. With a market cap of $25 billion, the famous meme coin has remained in the 8th position in terms of cryptocurrency market value.

The crypto market situation is not safe at this time, mainly when bitcoin is trying to break the predefined resistance levels. 

DOGE Price Analysis:

Dogecoin has formed a symmetrical triangle pattern since early March, characterized by lower highs and higher lows converging toward a breakout point. This consolidation follows a significant downtrend from the $0.22-0.24 range. The price action has been tightening within this triangle formation, suggesting a decisive move is about to take place as the pattern reaches its conclusion.

Key support lies at the ascending trendline around $0.165, while immediate resistance is established at $0.172. A breakout above this level could target the $0.180 zone with stronger resistance around $0.20350.

At around $0.1704, the 20 EMA is closest to the price and is serving as immediate resistance at the moment. There is selling pressure at this level because the price has not been able to hold moves above this short-term average. At $0.1721, 50 EMA creates a secondary resistance zone that is slightly above the current price action.The horizontal resistance line at $0.17213 and this level line up.

Around $0.1804, 100 EMA is trading higher. This is a significant medium-term barrier that the price hasn’t tested since early March. Near $0.2031, 200 EMA is much higher, indicating the overall bearish market structure and the extent to which Dogecoin has deviated from its longer term average.

The RSI has reached 42.77 which is a sign of neutral momentum. However, because the value is less than 50, the RSI is still slightly on the bearish side. It seems as though investors are not looking for the best price to buy, as they are focused on the ranges within technical barriers instead. 

DOGE Price Targets:

If Dogecoin breaks above the symmetrical triangle pattern with conviction, the first upside target would be $0.18075. Following this, the $0.20350 level represents a significant resistance zone that could be tested. A break above this region could potentially open the path toward the $0.22.

If the price breaks below the ascending support trendline around $0.165, the initial downside target would be the $0.155-0.158 range. If selling pressure increases, Dogecoin could retest the March lows near $0.14. 

What’s Next ?

If DOGE holds above $0.16790,it may attempt a recovery. However, a drop below this level could signal more downside movement in the short term.

Written by
Sahil Mahadik

As a full-time trader with over three years of hands-on experience in the financial markets, I have honed an exceptional proficiency in technical analysis, which is the cornerstone of my daily monitoring of price fluctuations in leading assets and indices. My journey into trading began with a deep fascination for financial instruments, and this curiosity naturally expanded into the ever-evolving world of cryptocurrencies. I am currently contributing to CryptoNewsZ and have also written for Coingape, The Coin Republic and TheMarketPeriodical. I am driven by my passion for the markets and want to explore new opportunities, I analyze emerging trends and strategies to get maximum returns in traditional and crypto markets.