- Dogecoin breaks above a symmetrical triangle pattern and readies for liftoff to $0.4.
- Elon Musk becomes the official “Dogefather” ahead of the Saturday Night show.
- The immediate support at $0.30 should be defended; otherwise, a correction may occur toward $0.15.
Dogecoin led the price action in the cryptocurrency market on Wednesday, breaking away from the slugging crypto assets. The majestic price action happened in the wake of a tweet sent by Elon Musk, the founder of Tesla. DOGE spiked by more than 20%, hitting $0.35 for the first time in more than a week.
Musk said that he would be the “Dogefather” as he hosts the Saturday Night Show. The billionaire has an undying love for the meme coin, which has rallied extensively since the beginning of the year. Besides, it has become common to expect a tweet regarding Dogecoin from Musk, who once said that he would put a literal Doge on the moon.
Dogecoin sets out for the technical breakout
At the time of writing, Dogecoin trades at $0.32 while bulls look forward to levels above $0.35 and $0.4, respectively. Besides Musk’s pumping, Dogecoin also broke out of a symmetrical triangle, as illustrated on the four-hour chart. This pattern has both bullish and bearish biases.
However, when the price slice through the upper trendline, just like Dogecoin, a breakout is anticipated. A spike in trading volume confirms the breakout, which has a precise target, measured from the highest to the lowest points.
DOGE/USD four-hour chart
It is worth noting that the Moving Average Convergence Divergence (MACD) affirms the uptrend. As the indicator crossed into the positive region, it became apparent that buyers had taken control. In addition, the MACD line holds above the signal line, thus cementing the bulls’ influence.
Dogecoin intraday levels
Spot rate: $0.32
Support: $0.3, the 50 SMA, and $0.25
Resistance: $0.35 and $0.4