Dogecoin (DOGE) Could Skyrocket Soon as Classic Pattern Builds Momentum
Key Takeaways:
- Dogecoin is forming a Symmetrical Triangle on the 4-hour chart, signaling a high-volatility move.
- Prolonged consolidation within the triangle hints at a bullish setup, according to Trader Tardigrade.
- A breakout could push DOGE toward the $0.8000 mark, but traders should stay alert for fakeouts.
Dogecoins recent price action is indicative of tightening pressure, with the price firmly coiling in a Symmetrical Triangle pattern. Described in a 4-hour Heikin Ashi chart, this pattern is dated all the way back to early April and has governed DOGE through successively lower tops and higher bottoms. The tightening triangle is moving towards its apex, setting up for a definitive thrust.
Technical analyst Trader Tardigrade observed the energy accumulation through extended consolidation. The triangle, which is created as Dogecoin fluctuates amid converging trend lines, lowers volatility but raises pressure.
This tendency to trend is likely to turn into a breakout to either the upside or downside. Since Tardigrades analysis is optimistic in nature, the trend may turn in their direction.
DOGE is currently priced at approximately $0.1557, with an increase of 6% over the last seven days, indicative of increasing momentum. Symmetrical triangles are neutral, but extended consolidation increases the validity of a bullish leaning. Price approaching the lower trendline is indicative of a possible bounce and subsequent test of resistance.
Dogecoin Price Target Suggest Breakout Could Hit $0.8000
To evaluate possible outcomes, technical forecasting calls for measuring the height of the triangle, approximately $0.1000, from base to vertex. Projected from a probable breakout point of approximately $0.7000, this would translate to a price goal of $0.8000 if momentum is maintained.
DOGE displayed this pattern before. Back in January of 2025, another triangle emerged around the $0.30 price level. Following the bullish penetration, price increased more than 100% in subsequent weeks.
Tardigrade had indicated this pattern early then, and the fact that we are viewing this in retrospect makes his present analysis stronger.
While this fresh triangle does not have any apparent volume bars, veteran traders understand that an unexpected volume burst is normally the trigger that seals a breakout.
With the climax expected by April 20, the timeframe for action is decreasing. Traders ought to watch closely for forceful candles breaking either trendline, especially with volume confirmation along with momentum indicators.
There is also external volatility involved. Dogecoins price is also highly responsive to news cycles and social media. No matter how good their technicals are, sudden catalysts can turn market mood upside down in mere minutes.
Related Reading | XRP Consolidates at Crucial Zone, Breakout Toward $2.40 on the Horizon
Read more: https://www.tronweekly.com/dogecoin-doge-could-skyrocket-soon/
Text source: TronWeekly
