$DOGE is moving in a symmetrical triangle pattern indicating a two possible scenario.
The price is consolidating within a symmetrical triangle pattern, which is often seen during periods of consolidation. This is characterized by a series of lower highs and higher lows converging toward a point, suggesting that a significant price movement may be on the horizon.Symmetrical triangles are neutral patterns, meaning the breakout can occur in either direction â upwards or downwards.
Trending Resistance (Upper Bound)
The upper bound of the triangle acts as a descending trendline resistance. This means that each time the price approaches this level, it struggles to break through and is pushed lower, which creates lower highs.Breaking above this resistance level would be bullish, signaling a potential upward move.
The upper bound of the triangle acts as a descending trendline resistance. This means that each time the price approaches this level, it struggles to break through and is pushed lower, which creates lower highs.Breaking above this resistance level would be bullish, signaling a potential upward move.
Support Level (Lower Bound):
The lower bound of the triangle acts as support, where the price finds buying pressure, preventing it from falling further, and this creates higher lows.A breakdown below this support would be bearish, signaling a potential move downward.
Price Levels
Resistance Zone: The green shaded area above the price, around 0.11 to 0.115, is a resistance zone. If the price breaks out of the symmetrical triangle to the upside, this area is the next key level to watch for a potential reversal or consolidation.Support Zone: Thereâs a maroon support zone marked around 0.095, where the price is expected to find support if it breaks down below the triangle.
Current Price
At the time of the chart, the price of DOGE is approximately 0.10644 USDT. It is testing the upper resistance level of the triangle, signaling that the market is on the verge of a potential breakout.
