Dogecoin recovers from 16 cents, with a triangle pattern suggesting a possible 60% price fluctuation.
🐶 Dogecoin's Current State:
The lovable meme coin, Dogecoin, is hanging around the $0.170 mark following a sudden price reversal, showing indications of accumulation amid ongoing economic turmoil. Fascinatingly, it's forming a symmetrical triangle pattern, hinting at an impending strong price move.
Despite repeated attempts to break above $0.172, Dogecoin has faced formidable resistance, but it has managed to establish a solid support level at $0.168.
💡 Hints from the Crystal Ball:
While experts haven't explicitly discussed a symmetrical triangle, such a pattern signifies a consolidation phase before a significant breakout. In the past few weeks, Dogecoin has been in a tight range, struggling to regain ground above $0.17 as bears keep the pressure near a key supply zone. The coin briefly tumbled to around $0.158, but it bounced back due to the bulls' intervention at this level.
On the four-hour chart, Dogecoin formed a descending wedge—another consolidation pattern—multiple times, but it failed to clear the upper resistance barrier. If we consider the symmetrical triangle, we could be on the verge of a bullish or bearish breakout.
