Dogecoin’s breakout from the symmetrical triangle signals a possible rally, which is generating a lot of interest in the market.
Memecoin’s rise is supported not only by technical indicators but also by increasing investor interest and favorable market conditions.
“DOGE has broken through the upper boundary of the triangle at $0.338 and is targeting $0.36,” said market analyst Ali Martinez.
Dogecoin has broken out of the symmetrical triangle, prompting analysts to identify $0.36 as the critical resistance level, paving the way for potential gains and further upside.
Triangle Breakout Could Boost Dogecoin
Symmetrical triangles are generally known as patterns where assets consolidate and could be a sign of a bullish move for Dogecoin. This pattern is formed by the convergence of approaching trend lines and once broken, the price is likely to rally. Dogecoin managed to break above the upper boundary of the triangle at $0.338 and analysts and investors are currently eyeing $0.36 as the next critical resistance.
The main support level is currently at $0.325, while the critical resistance level at $0.36 needs attention. The increasing trading volume suggests that technical breakouts could rekindle buying interest and strengthen the bullish sentiment around Dogecoin. However, it is crucial for DOGE to stay above this breakout level in order to continue its rise.
What's Behind Dogecoin's Rise?
The recent price increase of Dogecoin is parallel to the positive developments in the cryptocurrency market. In particular, the inauguration of President Donald Trump has increased optimism among crypto enthusiasts. The belief that the Trump administration will give more support to digital assets creates a positive atmosphere in the cryptocurrency sector. Trump’s success in launching his own memecoin, TRUMP, also reinforces this perception. In addition, a working group established to create a regulatory framework for digital assets shows that Trump will take serious steps in this area.
The crypto community is expecting positive regulatory changes under the new administration, and the possible appointment of Paul Atkins as SEC chairman is raising discussions about the possibility of creating a more favorable regulatory environment for the crypto world.
Future Expectations
Dogecoin’s price remains volatile, with analysts having mixed expectations. Recent machine learning predictions predict that Dogecoin will drop by 10.62% to $0.28 by the end of January. However, current price action has surpassed bearish predictions, with DOGE trading at $0.32.
Some analysts see Dogecoin’s current consolidation period as a significant accumulation period in 2024, noting that similar situations in the past have seen major price increases. If this pattern holds, estimates suggest that Dogecoin could reach $1.50 by the first quarter of 2025. This is creating new interest among investors.
