Dogecoin has been a remarkable decline of 11.8% or 20% in the last 24 hours and seven days and could soon test the support at a price level of $ 0.30. Despite this decline, Trader Tarderrade, a well-known technical analyst on the social media platform X, A. Symmetrical triangular formation On daily candle cards. This classic technical pattern is often one Prefice of considerable price movementsAnd an outbreak could arrange for an upward trend.
Dotecoin forms a symmetrical triangle
According to Trader Tarderrade, Dogecoin looks in a symmetrical triangle in a symmetrical triangle within the last seven days. This symmetrical triangular formation was created as a result of Dogecoins price correction, This started after it reached 0.43 US dollars on January 18.
According to the daily candlestick table, the majority of the candle bodies have remained within the borders of this triangle since January 20. In the first two days of the formation of the pattern, some wicks temporarily broke over the upper trend line, but Dogecoins price quickly retired into the pattern. Since then, the price has shown a result of lower daily highs and higher daily deep stalls, a behavior that indicates the weight loss and balance between buyers and sellers.
The price campaign managed to push itself to the top of the triangle, and Trader Tardrrade suggests that a breakout could prefer the bulls and the price is considerably higher.
What happens when Doge breaks out of the triangle?
If Dotecoin manages to break over the upper trend line of the symmetrical triangle, this can signal a resumption of the bullish trend. Trader Tarderrade predicted that this Breakout Dogecoin could lead to a price target of at least USD 0.45.
Instead of moving up, however, Dogecoin has Recently interrupted The lower trend line of the symmetrical triangle, which relocates its trajectory down towards the support of USD 0.31. This level has proven to be a significant liquidity zone in the 30 days. In fact, 0.31 US dollars served as a reliable support point, with Dogecoin bouncing three times during the recent declines. The most remarkable recovery occurred on January 13 when Dogecoin bounced off the level of $ 0.31 and then rose up, with a high of $ 0.4318.
The next step is now whether Doge can repeat this pattern from Rebounded at $ 0.31. A successful rebound at this critical support level would point out that buyers enter to defend and give the strength that they need to resume his upward railway. If the back rash gains dynamics sufficiently, this could restore the confidence in Doges optimistic prospects and put the stage on stage for a new attempt to break the price target of USD 0.45. Until then $ 0.31 remains an important level to observe While the Meme coin tests the determination of buyers.
Selected picture of Unsplash, diagram of tradingview.com