- Dogecoin’s breakout could signal a significant price surge, with $0.36 as the key resistance
- Analysts predict a bullish outlook, with Dogecoin possibly hitting $1.50 by Q1 2025
Dogecoin [DOGE] recently broke out of a symmetrical triangle pattern, signaling the potential for a bullish move. With growing interest from both retail investors and thanks to sustained media attention, analysts are now setting their sights on $0.36 as the next key resistance level for the memecoin.
In fact, this technical breakout could set the stage for a significant price surge, adding fuel to the ongoing excitement surrounding Dogecoin’s prospects.
Triangle breakout could propel Dogecoin higher
A symmetrical triangle, often indicative of a consolidation phase, has given way to a breakout for Dogecoin. This pattern, characterized by converging trendlines, suggests a potential continuation in the direction of the breakout – In this case, upwards.
According to market analyst Ali Martinez, DOGE has pierced the triangle’s upper boundary at $0.338 – Eyeing a price target of $0.36.
Key support remains at $0.325, while traders are closely watching $0.36 as a critical resistance level. With volume gradually picking up, this technical development could attract renewed buying interest, reinforcing bullish sentiment.
However, caution is warranted as DOGE must hold above its breakout level to sustain upward momentum.
What could be causing Dogecoin’s surge?
In January, Dogecoin’s price recorded a significant price hike, one influenced by several key developments. The inauguration of President Donald Trump on 20 January brought optimism to the crypto market, as his administration signaled support for digital assets. Notably, President Trump’s official memecoin
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Author: Samantha LKM
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