Dogecoin (DOGE) recently broke out of the $0.24 level, opening pathways for further growth. Analysis indicates potential targets and confirmation of an upward trend.
Symmetrical Triangle Breakout
Dogecoin (DOGE) has broken out of a symmetrical triangle after several weeks of consolidation. The breakout took place near the $0.24 level, confirming a bullish setup.
At the time of writing, DOGE is trading at $0.25, supported by a 24-hour trading volume of more than $3.15 billion. The token has gained 3% in the last day and is up 16% over the past week.
Fibonacci levels are being used to track the next targets. The move above the 0.618 retracement at $0.24 has added weight to the breakout. The following levels to watch are $0.253, $0.27, $0.3, and $0.32.
Ichimoku-Based Uptrend Signal
Analyst Trader Tardigrade shared an Ichimoku view of Dogecoin’s daily chart. On September 9, the Chikou Span crossed above the price, generating a bullish confirmation. According to his analysis, all Ichimoku conditions currently point upward, producing a strong uptrend score of +4. Support sits at $0.23804 and in the $0.21517–$0.22661 range.
Liquidity and Short Position Liquidations
DOGE recently moved past $0.25 after clearing areas where short positions had built up. These liquidations reduced selling pressure and allowed the price to advance. Liquidity data shows firm support between $0.23 and $0.24, while the market is consolidating around $0.25–$0.255.
The analysis of current trends and supporting indicators points towards a potential rise in Dogecoin up to the $0.31 level. If buying demand continues, DOGE may break above current resistance.
