Dogecoin has a remarkable decrease of 11.8% and 20% in the last 24 hours and seven days, respectively, and could re -test the support to the price level of $ 0.30 soon. Despite this decrease, trader tardigrade, a well -known technical analyst on the social media platform X, has managed to notice a Symmetric triangle formation In the daily candle table. This classical technical pattern is often a precursor to significant price movementsand a break could cause the resumption of an upward trend.
Dogecoin forming a symmetrical triangle
According to Trader Tardigrade, Dogecoin seems to have been operating inside a symmetrical triangle in the last seven days. This symmetric triangle formation arose as a result of Dogecoin prices correction, which began after it reached $ 0.43 on January 18.
According to the Daily Candlectick Chart, most of the candle bodies have remained within the limits of this triangle since January 20. The initial two days of the pattern formation saw some wicks breaking temporarily above the higher trend line, but the price of Dogecoin quickly retired the pattern. Since then, the price has shown a sequence of higher and higher daily minimum daily maximums, an indicative behavior of reducing the sale pressure and a balance between buyers and vendors.
The price action has managed to push towards the vertex of the triangle, and trader tardigrade suggests that a break could favor the bulls, which pushes the significantly higher price.
What happens if Doge leaves the triangle?
If Dogecoin manages to break above the higher tendency line of the symmetrical triangle, he could indicate a resumption of the upward trend. Tardigrade trader predicted that this break could lead to Dogecoin at an objective price of at least $ 0.45.
However, instead of moving up, Dogecoin has Recently broken below The lower trend line of the symmetrical triangle, changing its trajectory down towards the support of $ 0.31. This level has proven to be a significant liquidity zone during the 30 days. In fact, $ 0.31 has served as a reliable support point, and Dogecoin recovered from this price three times during the recent decreases. The most notable recovery occurred on January 13, when Dogecoin bounced at the level of $ 0.31 and subsequently increased up, and finally reached a maximum of $ 0.4318.
Now, the next step is if Dege can repeat this pattern by bouncing once again at $ 0.31. A successful rebound at this critical support level would indicate that buyers are intervening to defend and give Dogecoin the strength it needs to resume its upward trajectory. If the rebound gets a sufficient impulse, it could restore confidence in the upward perspective of Dege and prepare the stage for a renewed attempt to break the target price of $ 0.45. Until then, $ 0.31 It is still a key level to see As the meme currency proves buyers resolution.
Unspash’s prominent image, TrainingView.com graphics
