Analyst Target Above $0.37 After Dogecoin Breaks Symmetrical Triangle
These technical trends suggest that Dogecoin will rise to a new target above $0.375.
Symmetrical Triangle Will Lift Dogecoin Above $0.37
CryptoSanders posted a Dogecoin price chart with converging trend lines forming a symmetrical triangle. The TradingView expert said that Dogecoin price broke above the upper line of the symmetrical triangle at $0.316, confirming a bullish breakout and signaling a price explosion to $0.375.
The symmetrical triangle chart pattern indicates consolidation before a price breakout. Bitcoin price breakout from this pattern often indicates a new or ongoing trend. A breakout of the lower line starts a bearish phase and vice versa.
The bullish setup for Dogecoin price breakout supports price action above crucial moving averages, according to CryptoSanders. Dogecoin was above the 50-EMA and 200-EMA when the analyst reported.
Crucial moving averages indicate Dogecoin price growth. TradingView expert believes that Dogecoin’s growing momentum could be strengthened by converging moving averages.
After Dogecoin broke the symmetrical triangle formation, the expert expects $0.375 as its top major resistance level. Investors are taking profits at this psychological threshold for Dogecoin price.
Dogecoin could surge to new highs if it breaks the $0.375 barrier. Failure to surpass this level could lead to another pullback, pushing Dogecoin below the $0.306 support.
CryptoSanders shared his bullish Dogecoin price predictions and a well-defined trading plan for investors who want to take advantage of this symmetrical triangle breakout.
After the breakout was confirmed, the analyst found an entry zone around $0.316. A stop loss at $0.306 reduces the risk of downside and financial losses if the breakout fails.
With the chart resistance level, $0.375 has been confirmed as a key profit-taking area. CryptoSanders says this trade setup has a good risk-to-reward potential.