A crypto analyst, known as “CryptoSanders9563”, in a report In TradingView, Dogecoin price has broken out of a symmetrical triangle pattern. This technical pattern, signaling a Bullish continuation for Dogecoinis expected to push the price to a new target above $0.375.
Symmetric triangle to lead Dogecoin price above $0.37
CryptoSanders shared one Dogecoin price chartshows a symmetrical triangle pattern consisting of converging trend lines. According to the TradingView analyst, Dogecoin price broke the upper trendline of the symmetrical triangle around $0.316, confirming a Upward failure And the signal is a possible upside to the new price target above $0.375.
Related reading
A symmetrical triangle A chart pattern that represents a period of consolidation before a price breakout. When the price of a cryptocurrency breaks out of this pattern, it often indicates the start of a new trend or the continuation of a previous trend. Consequently, breaking out of the downtrend line is the start of a bearish phase and vice versa.
CryptoSanders has revealed this Dogecoin price crash It is accompanied by continued price action above critical moving averages, further strengthening its bullish structure. At the time of the analyst report, Dogecoin was trading above 50 exponential moving average (EMA) and 200-EMA.
These two moving averages are important indicators that indicate the continuation of the upward movement in the price of Dogecoin. The TradingView analyst speculated that the convergence of both moving averages could be a dynamic support for Dogecoin and potentially boost it. upward movement.
Following the recent breakout from the symmetrical triangle pattern, the analyst has pegged $0.375 as the next price target for Dogecoin. Significant resistance level. This price point is also a psychological level for Dogecoin, which creates profits for investors.
If the price of Dogecoin can break through the $0.375 resistance level, it could trigger a significant rally. Price rise to new heights. However, a failure to break this level could accelerate another downtrend, potentially pushing the price of Dogecoin to the $0.306 support level.
Dogecoin trading setup and strategy
While he shares Optimistic forecast For Dogecoin's price path, CryptoSanders also outlined a well-defined trading strategy for investors looking to capitalize on this symmetrical triangle breakout.
Related reading
After confirming the breakout, the analyst identified an entry zone at the $0.316 price level. A stop loss of $0.306 is set to reduce downside risk and prevent financial loss in the event of a breakout.
Additionally, the previously anticipated target of $0.375 has been reaffirmed as the initial target Profitable areacoinciding with the prominent resistance area on the chart. CryptoSanders has shown that this trading setup offers a favorable risk-reward ratio. Investors can potentially make significant profits as long as the price of Dogecoin remains above the breakout level and the stop loss is met.
Featured image created with Dall.E, chart from Tradingview.com
