Dogecoin (DOGE) is back in the spotlight, this time not due to memes or tweets, but rather because of chart data. Crypto analyst Ali Martinez points to the potential for a significant price movement.
Formation of Symmetrical Triangle
According to Ali Martinez, Dogecoin is forming a symmetrical triangle on the daily chart, a pattern that usually precedes a strong breakout, although the direction of the movement is not predetermined.
Current Market Conditions
Currently, Dogecoin is trading within a range between $0.16 and $0.22. The direction in which the price breaks first is likely to dictate the trend for the following weeks. At present, DOGE is trading at $0.1702 and has slipped by over 10% in the past week.
Forecasts and Prospects
If Dogecoin’s price convincingly closes above $0.22, the next resistance zone could be between $0.35 and $0.38. Conversely, a close below $0.16 could trigger a deeper backlash towards $0.13.
A decisive moment for Dogecoin is approaching in the coming days, as the cryptocurrency is set to either break a key level or continue fluctuating within its defined range.
