DogeCoin is at a significant decline of 11.8% and 20% respectively in the last 24 hours and seven days, and may soon withdraw support at the level of $ 0.30. Despite this decline, Treder Tardigrade, a famous technical analyst of social media platform X, has succeeded in note. Comprehension of symmetrical triangle On Dogi’s daily candlestick chart. This classic technical pattern is often one Precursor for important value movementsAnd a breakout may indicate to resume an uptrend.
Dogcoin making a symmetric triangle
According to Trader Tardigrade, Dogcoin feels that it is trading within a symmetric triangle within the last seven days. It originated as a result of symmetric triangle formation Dogecoin price improvement, Started after reaching $ 0.43 on 18 January.
According to the Daily Candlestick Chart, the majority of candlestick bodies have been within the boundaries of this triangle since January 20. In the initial two days of the pattern, some Wicks temporarily broke over the upper trendline, but the price of dogcoin returned quickly. Sample. Since then, the price has shown a sequence of low daily high and high daily climbs, which is a behavior to reduce sales pressure and a balance between buyers and vendors.
The price action has managed to push the top of the triangle, and the trader tardigrade suggests that a brakeout may favor the bull, which can push the price significantly higher.
What happens if it goes out of the triangle?
If the dogcoin manages to break down the upper trendline of the symmetrical triangle, it can resume the rapid trend. Trader Tardigrade predicted that this breakout could lead dogcoin to a price target of at least $ 0.45.
However, instead of moving upwards, there is dogcoin Recently broken The lower trendline of the symmetric triangle, its trajectory moves downwards at $ 0.31 towards the bottom. This level has proved to be an important liquidity area in 30 days. In fact, $ 0.31 has served as a reliable support point, with dogcoin rebounding three times during the recent decline. The most notable recovery took place on 13 January, when Dogcoin bounced from a level of $ 0.31 and later moved upwards, eventually reached a high level of $ 0.4318.
Now, the next step is whether Dogge can repeat this pattern Rebounding once again At $ 0.31. A successful reversal at this significant support level indicates that buyers are taking steps to defend and giving dogcoin to the strength that needs to be resumed on top of it. If the rebound gains enough speed, it can re -establish confidence in Dogi’s bullish outlook and set the platform for a new attempt to break the $ 0.45 price target. Till then, $ 0.31 There is an important level to see As meme coin tests the resolution of buyers.
Specially displayed image from UNSPLASH, chart from traudingView.com
