Dogecoin Price Breaks Out Of Symmetrical Triangle Pattern, Analyst Puts Target Above $0.37
A cryptocurrency analyst named “CryptoSanders9563” disclosed in a report Report Dogecoin price has broken out of a symmetrical triangle pattern, according to TradingView. This technical model marks the Bullish continuation for DogecoinIt is expected to trigger a price surge towards a new target above $0.375.
Symmetrical Triangle Pushes Dogecoin Price Above $0.37
CryptoSanders shared Dogecoin price chartshowing a symmetrical triangle pattern formed by converging trend lines. According to TradingView analysts, Dogecoin’s price broke above the upper trendline of the symmetrical triangle around $0.316, confirming bullish breakout and hinted that the new price target could surge above $0.375.
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one symmetrical triangle is a chart pattern that marks a period of consolidation before a price breakout. When the price of a cryptocurrency breaks out of this pattern, it usually signals the beginning of a new trend or a continuation of a previous trend. Therefore, a breakout of the lower trendline signals the beginning of the bearish phase and vice versa.
CryptoSanders revealed Dogecoin Price Breakout As the price continues to trade above key moving averages, it further strengthens its bullish pattern. Dogecoin price is trading above 50 as of the time of the analyst report Exponential Moving Average (EMA) and 200-EMA.
These two moving averages are key indicators indicating continued upward momentum in Dogecoin’s price. TradingView analysts speculate that the convergence of the two moving averages could be a dynamic support for Dogecoin and could strengthen its price Upward momentum.
Analysts identify $0.375 as Dogecoin’s next target following its recent breakout from the Symmetrical Triangle pattern significant resistance level. This price point is also a psychological level for Dogecoin, triggering profit-taking among investors.
If Dogecoin price can break above the $0.375 resistance, it could trigger bigger moves Prices rise to new highs. However, failure to break above this level could trigger another downtrend, potentially pushing the price of Dogecoin to the $0.306 support.
Dogecoin Trading Setup and Strategy
sharing his optimistic forecast Regarding Dogecoin’s price trajectory, CryptoSanders has also outlined clear trading strategies for investors looking to capitalize on this symmetrical triangle breakout.
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Confirming the breakout, analysts identified the entry zone at $0.316. Stop loss is set at $0.306 to mitigate downside risk and avoid financial losses if the breakout fails.
Additionally, the previously forecast $0.375 target has been reiterated as the main target. profit taking areaconsistent with the highlighted resistance area on the chart. CryptoSanders revealed that this trading setup offers a favorable risk-reward ratio. As long as the price of Dogecoin remains above breakout levels and stops are adhered to, investors have the potential to make handsome profits.
Featured image created using Dall.E, chart from Tradingview.com
