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A crypto analyst, known as ‘CryptoSanders9563’, revealed in a report on TradingView that Dogecoin price has broken out of a symmetrical triangle pattern. This technical pattern, which signals a bullish continuation for DogecoinIt is expected to trigger a price rise to a new target above $0.375.
Symmetrical Triangle Will Drive Dogecoin Price Above $0.37
CryptoSanders has shared a Dogecoin price chartshowing a symmetrical triangle pattern formed by converging trend lines. According to TradingView analyst, Dogecoin price broke above the upper trend line of the symmetrical triangle at around $0.316, confirming a bullish breakout and signals a possible rise towards a new price target above $0.375.
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TO symmetrical triangle is a chart pattern that signals a period of consolidation before a price breakout. When the price of a cryptocurrency experiences a breakout of this pattern, it often indicates the beginning of a new trend or the continuation of a previous trend. As a result, the breakout of the lower trend line marks the beginning of a bearish phase and vice versa.
CryptoSanders has revealed that Dogecoin price breakout It is accompanied by continued price action above the critical moving averages, further strengthening its bullish setup. At the time of the analyst report, Dogecoin price was trading above 50 Exponential Moving Average (EMA) and the 200-EMA.
These two moving averages are critical indicators that suggest continued bullish momentum in Dogecoin price. The TradingView analyst has surmised that the convergence of both moving averages could be dynamic support for Dogecoin, potentially strengthening its bullish momentum.
Following the recent breakout of the symmetrical triangle pattern, the analyst has pointed to $0.375 as the next Dogecoin price. significant resistance level. This price is also a psychological level for Dogecoin, triggering profit-taking for investors.
If Dogecoin price can break above the $0.375 resistance level, it could trigger a more substantial decline. price rise to new highs. However, failure to break above this level could catalyze another downtrend, which could push Dogecoin price to the $0.306 support level.
Dogecoin Trading Setup and Strategy
While sharing your optimistic projection For Dogecoin’s price trajectory, CryptoSanders also outlined a well-defined trading strategy for investors looking to capitalize on this symmetrical triangle breakout.
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The analyst identified an entry zone at the $0.316 price level after the breakout confirmation. A stop loss of $0.306 has been set to mitigate downside risk and prevent financial losses in the event of a failed breakout.
Furthermore, the previously projected target of $0.375 has been reaffirmed as the main profit taking zonecoinciding with the resistance area highlighted on the chart. CryptoSanders has revealed that this trading setup offers a favorable risk-reward ratio. Investors can potentially make significant profits as long as the Dogecoin price remains above the breakout level and the stop loss is respected.
Featured image created with Dall.E, chart from Tradingview.com
