- Dogecoin’s current trading momentum and a symmetrical triangle pattern indicate a possible breakout above key resistance levels.
- Increased Open Interest and volume suggest strong market activity, with potential for Dogecoin to hit the $0.3 mark.
Dogecoin [DOGE] has been experiencing a notable increase in market value, trading at $0.1641, marking an 8.6% rise over the past 24 hours, and extending its weekly gain to nearly 10% at press time.
This uptrend aligned with the broader bullish sentiment in the cryptocurrency market, drawing increased attention and investment into the meme coin.
The surge in Dogecoin’s price is not only a reflection of current market dynamics, but also a sign of growing investor confidence in the asset’s potential for further gains.
Amid this positive market trend, analysts have spotted significant technical patterns in Dogecoin’s price movements.
Particularly, Crypto Daily Trade Signals, a well-known crypto analyst, has spotted a symmetrical triangle pattern on the Dogecoin chart.
Source: Crypto Daily Trade Signals/X
This pattern is often seen as a consolidation phase that precedes a breakout or breakdown in price, indicating that Dogecoin could be on the cusp of continuing its upward trajectory.
Dogecoin: Technical analysis and future projections
The symmetrical triangle pattern identified by analysts suggested that Dogecoin faced a major resistance level at $0.1545, while the 50-day Exponential Moving Average (EMA) provides strong support at $0.1513.
At press time, Dogecoin’s market price was above this 50-day EMA, suggesting a bullish trend.
However, for this upward trend to be confirmed, Dogecoin needs to break past the resistance at $0.1595, as pointed out by Crypto Daily Trade Signals.
Further supporting this bullish outlook, the Relative Strength Index (RSI) was above the 50 mark, indicating a buying trend in the market.
Dogecoin’s immediate resistance levels are at $0.1595, followed by $0.1698 and $0.1844. If Dogecoin can successfully overcome these levels, it could pave the way for more significant price increases.
On the other hand, if the price falls below the pivot point around $0.15100, caution is advised, though the current RSI suggests there is room for profit.
Open interest in Dogecoin has also seen a significant increase, up by 16.64% in the past 24 hours, with a current value of $946.56 million.
Rising interest
This rise in Open Interest, accompanied by a nearly 100% increase in volume to $2.76 billion in the past day, underscored the growing market activity and investor interest in Dogecoin.
Source: Coinglass
Despite the bullish metrics, not all market participants are benefiting from the current trend. Dogecoin’s total liquidations sit at over $400,000, with long traders experiencing the majority of these losses.
This points to a market that, while trending upwards, still presents risks, especially for those on the wrong side of price movements.
Source: Coinglass
Looking ahead, Dogecoin’s price chart indicates a potential breakout from the previous lower low around $0.168.
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If Dogecoin can breach this level, a minor retracement might follow, potentially setting the stage for a strong upward movement.
Source: TradingView
AMBCrypto’s recent analysis supported this view, suggesting that a breakout above the $0.166–$0.17 range could clear the path for Dogecoin to approach the $0.3 mark.
