Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
A crypto analyst, known as \u2018CryptoSanders9563\u2019, disclosed in a report on TradingView that the Dogecoin price has broken out of a symmetrical triangle pattern. This technical pattern, signaling a bullish continuation for Dogecoin, is expected to trigger a price surge to a new target above $0.375.\u00a0 Symmetrical Triangle To Drive Dogecoin Price Above $0.37 CryptoSanders has shared a Dogecoin price chart, showing a symmetrical triangle pattern formed by converging trendlines. According to the TradingView analyst, Dogecoin\u2019s price broke above the symmetrical triangle\u2019s upper trendline at approximately $0.316, confirming a bullish breakout and signaling a potential surge to a new price target above $0.375.\u00a0 Related Reading: Bitcoin Price Can Recover To $107,000 Again If This Important Level Is Broken A 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 from this pattern, it often indicates the start of a new trend or a continuation of a former trend. As a result, breaking out of the lower trendline marks the beginning of a bearish phase and vice versa. CryptoSanders has revealed that Dogecoin\u2019s price breakout is accompanied by continued price action above critical moving averages, further strengthening its bullish setup. At the time of the analyst\u2019s report, the Dogecoin price was trading above the 50 Exponential Moving Average (EMA) and the 200-EMA.\u00a0 These two moving averages are critical indicators that suggest a continued upward momentum in the Dogecoin price. The TradingView analyst has surmised that converging both moving averages could be a dynamic support for Dogecoin, potentially fortifying its upside momentum.\u00a0 Following the recent breakout from the symmetrical triangle pattern, the analyst has pinpointed $0.375 as Dogecoin’s next significant resistance level. This price point is also a psychological level for Dogecoin, triggering profit-taking for investors.\u00a0 If the Dogecoin price can break above the $0.375 resistance level, it could trigger a more substantial price rally to new highs. However, a failure to breach this level could catalyze another downtrend, potentially pushing Dogecoin\u2019s price to the $0.306 support level.\u00a0 Dogecoin Trade Setup and Strategy\u00a0 While sharing his optimistic projection for Dogecoin\u2019s price trajectory, CryptoSanders also outlined a well-defined trade strategy for investors looking to capitalize on this symmetrical triangle breakout.\u00a0 Related Reading: XRP Price Prediction: Wave 2 And 5 Targets Put XRP At $7 And $13 The analyst pinpointed an entry zone at the $0.316 price level after the confirmation of the breakout. A stop loss of $0.306 has been set to mitigate downside risk and avoid financial loss in the event of a failed breakout.\u00a0 Furthermore, the previously projected target of $0.375 has been reaffirmed as the primary profit-taking zone, coinciding with the highlighted resistance area on the chart. CryptoSanders has revealed that this trade setup offers a favorable risk-to-reward ratio. Investors can potentially earn a significant profit as long as the price of Dogecoin holds above the breakout level and the stop loss is respected.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":642256,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83685],"tags":[167,6664,26263,14690,1785,89174,85675,7,1803,1804,79599,79600],"class_list":["post-667022","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dogecoin","tag-analyst","tag-crypto","tag-crypto-analyst","tag-crypto-news","tag-doge","tag-doge-news","tag-doge-price","tag-dogecoin","tag-dogecoin-news","tag-dogecoin-price","tag-dogeusd","tag-dogeusdt"],"acf":[],"yoast_head":"\n
Dogecoin Price Breaks Out Of Symmetrical Triangle Pattern, Analyst Puts Target Above $0.37<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n