DOGE Price Eyes Triangle Breakout: Can It Surpass $0.50?
Amid a growing bull market, Dogecoin is maintaining its bullish trend and gearing up for a new breakout rally. The likelihood of a bullish trend has increased significantly as buyers kept the market price above the $0.40 mark.
As the broader market rebounds, the DOGE token could surge towards the psychological $0.50 mark. So, will the biggest meme coin ever surpass this psychological barrier? Let us find out in the latest DOGE coin price analysis.
Dogecoin Price Analysis
On the 4-hour chart, DOGE price action is exhibiting a triangle pattern. Consolidation within two converging trend lines occurred after massive overruns.
Over the past 30 days, DOGE’s price action has delivered solid returns, driving the memecoin’s rise. The current bullish rally has seen the price surge nearly 175% over the past 30 days.
Currently, DOGE price action is showing a rebound from the support trendline, creating two consecutive bullish candles. However, DOGE price struggled to surpass the 50% Fibonacci level of $0.423.
It has retraced 1.04% in the past 4 hours, with supply pressure and key Fibonacci resistance suppressing bullish growth. However, a brief recovery rally resulted in the MACD and signal lines merging.
This way, the indicator is primed for a bullish crossover if the uptrend continues. A breakout of the 50% Fibonacci level will challenge the overhead resistance trendline in an attempt to break out of the triangle pattern.
Dogecoin targets a breakout above $0.50.
Based on the Fibonacci levels, the triangle breakout rebound will challenge the 78.60% Fibonacci level of $0.4553.
The current 52-week high is $0.48078, and a breakout rally could surge to the 1.272 Fibonacci level, or $0.5113. This would result in a new 52-week high for DOGE coin prices and mark an important milestone towards breaking the psychological $0.50 barrier.
Conversely, a break below the local support trendline would test the 23.60% Fibonacci level at $0.39183. The rising 50 and 100 EMA lines on the 4-hour chart act as dynamic support.
Read more: Dogecoin Price Prediction for 2024, 2025-2030.
FAQ
Dogecoin is consolidating within a triangle pattern and bouncing off a support trendline. The price struggled to break above the 50% Fibonacci level at $0.423.
Resistance is located at the 50% Fibonacci level ($0.423), with targets at $0.4553 and $0.5113. Key support is at $0.39183 and the rising 50 and 100 EMA lines.
A breakout of the triangle supported by bullish technical indicators and a rising EMA line could push DOGE above the psychological $0.50 level and potentially towards $0.5113.
