#doge⚡
Big!!!
Dogecoin is about to break out of the triangle zone, and a new round of main uptrend is coming.
In the growing bullish market, Dogecoin is maintaining its bullish trend and preparing for a new breakout rebound.
As the bulls keep the price above 0.40, the bullish trend has greatly increased.
If the market continues to rebound, the big dog may break through 0.50.
On the 4-hour level, DOGE shows a triangle pattern. The consolidation within the two converging trend lines occurred after a sharp rise.
Over the past month, DOGE has brought considerable returns, driving the meme up. The bullish rebound has risen by nearly 175% in the past 30 days.
Currently, DOGE shows a rebound from the support trend line, forming two consecutive bullish positive lines. However, DOGE is also currently testing the 50% Fibonacci level - 0.423.
With a pullback of 1.04% in the past 4 hours, supply pressure and key Fibonacci resistance levels have suppressed bullish growth.
The short-lived bounce has resulted in the consolidation of the MACD and signal lines.
If the uptrend continues, the indicator is ready for a bullish crossover. A breakout of the 50% Fibonacci level will challenge the overhead resistance trendline in an attempt to break out of the triangle pattern.
According to the Fibonacci levels, a triangle breakout bounce will challenge the 78.60% Fibonacci level – 0.4553.
The current 52-week high is 0.48078 and a breakout bounce could surge to the 1.272 Fibonacci level – 0.5113. This will lead DOGE coin to a new 52-week high.
On the contrary, a breakout below the local support trendline will test the 23.60% Fibonacci level – 0.39183. The rising 50 and 100 EMA lines in the 4-hour chart act as dynamic support levels.