Doge descends no more! Pattern breakout could see a 98% surge.
The chart indicates that Dogecoin (DOGE/USDT) has already broken out of the Descending Triangle pattern, signaling a potential shift in market sentiment. With this breakout, here’s a closer look at the critical elements and price projections moving forward:
1. Descending Triangle Breakout
• DOGE has broken out of the descending triangle to the upside, defying the usual bearish continuation pattern. This breakout suggests a bullish reversal or at least a short-term upward movement.
• This breakout could signal a shift in momentum, with DOGE moving toward key resistance levels.
2. Weekly Hidden RSI Divergence
• The hidden bullish divergence in the RSI further supports this breakout. Even as price made lower lows, the RSI’s higher lows indicated building momentum, which has now translated into an upward move.
• This divergence suggests that the current breakout could have legs, leading to further price gains.
3. Fibonacci Extensions & Price Targets
• $0.2067: This is the key Fibonacci target, representing the 96% retracement level. Given the breakout, this is the immediate price target and aligns with past support and resistance levels.
• $0.2812 and $0.3305: These are resistance levels within the broader resistance zone. Once DOGE breaks through $0.2067, this zone will be the next major test for bulls.
4. Price Projections
• Short-Term Outlook: With the breakout confirmed, DOGE’s immediate target is $0.2067, representing a significant gain from the current level.
• Medium-Term Outlook: If DOGE clears $0.2067, the next focus will be the resistance zone between $0.2812 and $0.3305. Overcoming this will be crucial for sustained bullish momentum.
• Long-Term Outlook: A successful push beyond the resistance zone could open up the possibility of a broader bullish cycle for DOGE, potentially leading to higher price targets contingent on market sentiment.
Conclusion
Dogecoin’s breakout from the descending triangle, supported by the weekly hidden RSI divergence, marks a bullish shift. With the immediate target at $0.2067 and further resistance at $0.2812 and $0.3305, DOGE could be set for a sustained upward move. Volume and market sentiment will be key to confirming the strength of this breakout.
1. Descending Triangle Breakout
• DOGE has broken out of the descending triangle to the upside, defying the usual bearish continuation pattern. This breakout suggests a bullish reversal or at least a short-term upward movement.
• This breakout could signal a shift in momentum, with DOGE moving toward key resistance levels.
2. Weekly Hidden RSI Divergence
• The hidden bullish divergence in the RSI further supports this breakout. Even as price made lower lows, the RSI’s higher lows indicated building momentum, which has now translated into an upward move.
• This divergence suggests that the current breakout could have legs, leading to further price gains.
3. Fibonacci Extensions & Price Targets
• $0.2067: This is the key Fibonacci target, representing the 96% retracement level. Given the breakout, this is the immediate price target and aligns with past support and resistance levels.
• $0.2812 and $0.3305: These are resistance levels within the broader resistance zone. Once DOGE breaks through $0.2067, this zone will be the next major test for bulls.
4. Price Projections
• Short-Term Outlook: With the breakout confirmed, DOGE’s immediate target is $0.2067, representing a significant gain from the current level.
• Medium-Term Outlook: If DOGE clears $0.2067, the next focus will be the resistance zone between $0.2812 and $0.3305. Overcoming this will be crucial for sustained bullish momentum.
• Long-Term Outlook: A successful push beyond the resistance zone could open up the possibility of a broader bullish cycle for DOGE, potentially leading to higher price targets contingent on market sentiment.
Conclusion
Dogecoin’s breakout from the descending triangle, supported by the weekly hidden RSI divergence, marks a bullish shift. With the immediate target at $0.2067 and further resistance at $0.2812 and $0.3305, DOGE could be set for a sustained upward move. Volume and market sentiment will be key to confirming the strength of this breakout.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.