TLDR
- Dogecoin price consolidates in a symmetrical triangle with $0.41 as the immediate resistance level.
- Monthly chart shows a double cup pattern with neckline resistance near $0.35 and strong support at $0.19.
- Breakout above $0.75 may confirm bullish continuation with Fibonacci extension targets at $1.06, $2.31, and $4.02.
- Failure to hold $0.19 support could expose Dogecoin price to lower levels at $0.13 and $0.09.
Dogecoin price action is approaching a decisive stage as traders watch a potential breakout unfold. The token is trading near $0.246, with chart patterns signaling possible bullish momentum if key resistance levels are reclaimed. Technical structures on both short-term and monthly charts suggest that buyers are defending critical support zones while aiming for higher targets.
Symmetrical Triangle Structure at Key Support
The Dogecoin price is consolidating within a symmetrical triangle, showing repeated tests of trendline support. Bulls are attempting to maintain control of this zone, reinforcing the likelihood of accumulation before the next strong move. The immediate challenge remains the $0.41 resistance, a level where price faced multiple rejections earlier this year.
DOGE/ USD 1W Chart | Source: X
Holding above the diagonal support will be crucial. Failure here could expose lower levels, but a sustained defense sets up a path toward $0.50. Indicators show mixed momentum but generally lean toward continuation, suggesting that traders may soon see a directional breakout.
Momentum Indicators Lean Toward Buyers
Furthermore, The relative strength index (RSI) has steadied near neutral levels, giving Dogecoin price room to move higher. This positioning avoids overbought conditions while signaling that sellers have yet to regain dominance. The stochastic oscillator is showing signs of a potential upward cross, a pattern often linked with renewed buying strength.
At the same time, the moving average convergence divergence (MACD) has begun narrowing. Such convergence after extended sideways action typically precedes stronger moves, either higher or lower. In this case, the structure of the triangle suggests upside continuation is the more probable outcome.
Monthly Chart Forms Double Cup Structure
In addition, The longer-term monthly chart has formed a double cup pattern, which historically supports bullish continuation when neckline resistance is broken. Dogecoin price has reclaimed the 0.618 Fibonacci retracement at $0.19, reinforcing this zone as a major foundation for accumulation.
DOGE/ USD 1M Chart | Source: X
The next resistance stands near $0.35, aligned with the neckline of the pattern and the 0.786 Fibonacci level. A breakout above this range could push the price toward $0.75, where the 1.0 Fibonacci extension sits. Sustained buying pressure and higher closing volumes will be key in confirming this shift.
Fibonacci Levels Point to Ambitious Targets
Even so, if the Dogecoin price clears $0.75, Fibonacci extension levels mark higher long-term objectives. The 1.128 extension at $1.06 represents the first significant milestone beyond the neckline. Above this, projections suggest $2.31 at the 1.414 extension and $4.02 at the 1.618 extension. These levels mirror previous market cycles where Dogecoin advanced in rapid phases once momentum built.
Downside risks remain if buyers fail to hold the $0.19 level. Such a breakdown would expose supports at $0.13 and $0.09, levels where price consolidated in earlier cycles. The golden ratio zone therefore remains a vital threshold that determines whether the bullish thesis remains valid.
Disclaimer: This is a Press Release provided by a third party who is responsible for the content. Please conduct your own research before taking any action based on the content.
Stay Ahead of the Market with Benzinga Pro!
Want to trade like a pro? Benzinga Pro gives you the edge you need in today's fast-paced markets. Get real-time news, exclusive insights, and powerful tools trusted by professional traders:
- Breaking market-moving stories before they hit mainstream media
- Live audio squawk for hands-free market updates
- Advanced stock scanner to spot promising trades
- Expert trade ideas and on-demand support
