- Dogecoin price rose by 5%, and breaks a multi-month triangle, with a target of $0.31 next.
- Dogecoin price currently has the $0.22 level as support, having broken the $0.236 Fibonacci level.
- DOGE can rally to $0.50 in the event that it breaks volume-important resistance levels.
Dogecoin price has broken out of a multi-month symmetrical triangle showing a robust upward direction. Doge is now at $0.2626 and has broken key Fibonacci levels with immediate targets at $0.31 and a possible rise to $0.50. With this momentum, the price might go up to $0.54, which is one of the largest rallies of the year. This breakout positions Dogecoin with a potentially explosive move in the next few months.
Dogecoin Price Action Breaks Out of Symmetrical Triangle
Dogecoin price has clearly broken out of a months-long symmetrical triangle, reinforcing the argument of a bullish continuation. Doge current value is being traded at 0.2626 with a near 5% growth per day.
Doge price has breached the 0.236 Fibonacci level at $0.22 to become a solid support group following several months of compression. Moreover, The immediate upside target is close to the 1 Fib extension of $0.27, and should it be maintained, the 1.618 of $0.31 is the next control.
In addition to this, the Dogecoin long-term price projection highlights a robust push towards a 2.618 extension which is at $0.38 and a 3.618 performer at $0.45. The clean run up to $0.50 mark may be confirmed by a decisive break beyond these zones.
According to this breakout framework, the move could see almost 92% of the distance covered by a base of the symmetrical triangle, which highlights the magnitude of the move. Additionally, when Dogecoin price breaks the $0.50 volume hurdle, the extension points outline a route to $0.54.
Thus, Doge price is poised at a key inflection point, with successful follow through, it may pin one of the biggest rallies of the year.
