Dogecoin Price Forecast: Is $0.3 Next After Symmetrical Triangle Breakout?

Dogecoin price is holding above the $0.16 support level, showing signs of stabilization after recent volatility. DOGE opens a symmetrical triangle at the moment which analysts are closely monitoring as typically the pattern is followed by significant breakouts. The meme-based token has struggled to recover after slipping below the $0.20 level earlier this week

In the meantime, the entire crypto market was up 1.44% over the last 24 hours, regaining some of its week-long losses of 7.98% with renewed institutional activity and hopes of stablecoin regulation.

Dogecoin  Price Nears Breakout from Symmetrical Triangle Pattern

Dogecoin price is demonstrating a typical technical structure on the daily chart, which indicates possible change of momentum. Analysts have also found a huge symmetrical triangle pattern which is approaching the apex a point where the compression of prices will likely increase volatility.

Currently, the price of Dogecoin is located on the lower end of this structure. The zone is normally considered to be a highly promising zone of strengthening rebounds, which may lead to an improvement in the upward direction provided that there is increased buying pressure.

According to market observers, symmetrical triangles are a precursor of big breakouts. Any decisive action above the highest trend might initiate a quickened rise that may see Dogecoin towards the $0.35 or even greater. This breakout can also suggest the onset of a new impulse wave of the overall trend.

DOGE Price Shows Possible Rebound as Buy Signal Appears

Dogecoin price can be exhibiting the initial signs of recovery following a recent technical indicator that has indicated a possible buy signal. Crypto analyst Ali noted that the TD sequential indicator is a bullish signal of DOGE, indicating that a possible local bottom had been reached. This trend indications chart presented on the TradingView indicates a pattern reversal formation which might indicate a short-term upward trend in the mainstream meme coin.

Nevertheless, the market is not very optimistic. In another update, Ali disclosed that over one billion Dogecoins were sold by big holders in the last one week. Major selling by large investors has put extra strain on the price of the token, despite a speculation on a recovery by smaller traders.

Will DOGE Price Recover Above $0.25?

The latest DOGE price traded at $0.162, showing mild bearish pressure in the short term.

The price of Dogecoin has been consolidating following a recent fall that reached the zone of resistance of $0.18. The 4-hour chart reflects that sellers have a slight control. In spite of the recovery efforts, purchase momentum is still low, and prices have not been able to recover to higher levels.

In case Dogecoin drops below the level of $0.15, the potential support point is close to the level of $0.14. Alternatively, the reclaimation of the $0.20 might lead to the way to the $0.35 level  as the long-term Dogecoin price shows the bullish trend in the near term.

The Moving Average Convergence Divergence (MACD) has a slight bullish crossover. Nonetheless, the histogram bars remain low indicating low power in upside movement.The average directional index (ADX) is approximately 51 which is an indication that there is a strong trend.