Over the last few days, Dogecoin has been fluctuating between $0.15 and $0.17, continuing a trend of reduced activity in October. This behavior persists despite a general downturn in the cryptocurrency market. Technical indicators suggest that the popular meme cryptocurrency has established strong support and is resisting downward pressure by maintaining its position above $0.15.
Bitcoin’s fluctuations have significantly influenced market performance, yet Dogecoin’s latest trends indicate a potential upturn. Insights from renowned crypto analyst NekoZ have sparked interest, as they indicate a bullish setup is in play on the weekly price charts for Dogecoin.
Signs of Potential Reversal
As highlighted by NekoZ, Dogecoin is navigating within a substantial symmetrical triangle pattern that has been evolving over the past several months. This intricate pattern is evident on the weekly candlestick chart and has roots tracing back to late 2024.
Examining the weekly chart reveals Dogecoin approaching the lower edge of this pattern, which often signals the likelihood of a trend reversal. Recent movements indicate a formation of higher highs through October, suggesting that Dogecoin may be on the verge of a significant price shift. The established support above $0.15 is reinforcing the notion of a potential bullish breakout.
The analyst’s projections indicate that a favorable bounce from this region could propel Dogecoin toward its upper trendline. A confirmed move beyond $0.18, particularly alongside heightened trading activity, would strengthen this bullish scenario.
Looking Ahead: Possible Price Targets
Dogecoin is currently positioned within a critical support range, indicating that it is testing the lower limit of the triangle. Recent weekly candlestick patterns suggest strong buyer interest, which has kept prices from slipping further.
If the cryptocurrency can manage to rebound from this lower boundary, the next target could be an upward surge. However, Dogecoin faces a significant challenge before reaching resistance levels between $0.30 and $0.33.
A successful breach of the upper trendline could potentially double its present value, signaling the commencement of a fresh upward wave. This breakout would represent the conclusion of the symmetrical triangle that has defined Dogecoin’s market behavior throughout much of the year and could lead to price targets approaching $0.35 and beyond.
Nevertheless, the successful completion of this triangle pattern will largely rely on Bitcoin’s ability to stabilize above the $100,000 mark and a shift in broader market sentiment. Currently, Dogecoin is trading around $0.1643, reflecting a small increase of 0.5% in the last day.
