- DOGE forms a symmetrical triangle, trading just above $0.215 support.
- A breakout above $0.23 may target $0.2431 and $0.2595 next.
- Failure to hold $0.21 risks a drop toward $0.1990 support.
Dogecoin price is approaching a breakout after price action narrows inside a symmetrical triangle. As the market gains momentum, it has been focusing on the $0.23 resistance, which is one of the decisive points that will lead to the commencement of a new bullish movement. A breakout here can’t but propel DOGE towards the heights of $0.26 and above whereas failure to propel above $0.21 may forestall a pullback. The following step will determine the trend of DOGE in September.
Dogecoin Approaches Breakout: $0.23 Key Level to Trigger Next Bull Rally
The 4-hour Dogecoin Price chart posted by analyst Ali Charts depicts the memecoin trading inside a clear symmetrical triangle. This structure represents a time of consolidation with buyers and sellers in a state of equilibrium with price action compressing between converging trendlines. DOGE price is currently trading at around $0.2157, just slightly above the $0.382 Fibonacci retracement point $0.2173.
Ali points to the important configuration: Dogecoin DOGE is in a triangle. Break over $0.23 and we have a new bull run! This breakout point is at the upper edge of the triangle and coincides with the price of $0.23 which is the price that traders need to be keen on. Any definitive end above this would affirm a positive trend, which would possibly spur a robust upward trend.
In case DOGE exceeds the level of $0.23, its upside objectives will be at $0.2431 (0.618 Fib) and then $0.2595 (0.786 Fib). The long-term purchasing power would be able to drive the rally to at least $0.2832 (1.0 Fib), and probably further to $0.3140 (1.272 Fib extension), which would be a major bullish continuation.
Conversely, in case DOGE cannot maintain a position above $0.2100 (0.236 Fib), the bullish triangle pattern could be undermined, and the price could fall to $0.1990. This breakdown would nullify the optimistic perspective and indicate additional consolidation or decline before recovery will be sought.
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