LIVE๐๐Based on current market analysis, Dogecoin's price is exhibiting a promising setup for a bullish reversal. It has been consolidating within a range, with support around $0.07 and resistance near $0.09. The formation of a double bottom pattern at the $0.07 support level suggests a potential upward movement.
๐๐If Dogecoin manages to break above this critical point, there's a strong possibility of triggering a bullish momentum, potentially pushing the price up by around 16% to reach approximately $0.105. However, it's essential to note that reaching this target could face resistance from a longstanding trendline, part of a symmetrical triangle pattern that has been in play for nearly two years.
๐๐This symmetrical triangle pattern has kept the broader market trend predominantly sideways. Breaking through this pattern would be a significant milestone for Dogecoin, potentially setting a new target at around $0.18 for a more decisive bullish trend.
๐๐However, it's crucial for investors to conduct their research (DYOR) and closely monitor the market developments, as the persistence of selling pressure at the upper boundary of the triangle could result in continued sideways trading. Nevertheless, a breakthrough from this pattern could mark a pivotal moment for Dogecoin's price direction.
