Dogecoin (DOGE) has broken out of a symmetrical triangle, demonstrating strong bullish momentum with analysts targeting $0.36.
Symmetrical Triangle Breakout Signals Uptrend
The symmetrical triangle formed by DOGE's price movement typically precedes a period of consolidation before a clear breakout. The market tightens into a smaller range following a series of lower highs and higher lows. The breakout occurred near the triangle's apex, resulting in a rapid price increase to $0.333 with a projected move towards $0.36.
Fibonacci Retracement Indicates Key Support Zones
Fibonacci retracement analysis supplements the overall outlook, identifying potential accumulation zones for DOGE before another bullish wave. The price recently tested Fibonacci support levels, with the golden 0.618 level playing a significant role. Key support levels are from $0.26412 to $0.27999 and $0.20589 to $0.22083, which could be launching points for further growth.
Increased Volume and Further Movement
Traders anticipate an increase in trade volumes, typically accompanying such breakouts. Increased volume could reinforce the upward trend, with analysts expecting DOGE to move towards resistance at $0.49784, $0.58185, and $0.66228.
Dogecoin's breakout from a symmetrical triangle suggests a likely continuation of the uptrend. Attention to key support levels may be crucial for trend assessment.
