TLDR
- Dogecoin's chart is showing a promising symmetrical triangle pattern with experts foreseeing a sharp 16% price rise.
- Currently, Dogecoin is trading close to $0.17 and is inching up to surpass Cardano in terms of market value.
- Technical analysis reveals DOGE has successfully broken out of a declining wedge pattern, known to signal a bullish turnaround.
- Dogecoin is under short-term downward pressure, with supports at $0.143 and barriers around $0.176.
- There's increasing social buzz around DOGE, and traders appear to be amassing it, pointing to rising investor optimism.
Dogecoin (DOGE) seems set for a price leap after being confined within a narrow trading band. At the moment, it trades near $0.17 with various indicators suggesting a climb in price is on the horizon.
Two well-regarded crypto analysts have spotted encouraging formations in Dogecoin's price patterns. Analyst Ali Martinez noted the emergence of a symmetrical triangle on the hourly chart, showing DOGE fluctuating within a narrowing band, peaking near $0.18 and with a support line rising from $0.144.
Per Martinez's analysis, should the hourly close rise above the $0.16-$0.18 range, a 16% price elevation from the breakout point is likely, unleashing the built-up buying power seen over the last ten days.
Elsewhere, analyst CW shared insights from a daily chart, indicating a potential breakout from a falling wedge pattern traced back to December 2024, where DOGE's highs and lows have been descending while converging.
$DOGE Dogecoin has recently emerged from its declining wedge formation.
It's now poised to target the Fibonacci retracement level of 1.618, eyeing a mark of $0.71. pic.twitter.com/k708VXTz8s
— CW (@CW8900) March 20, 2025
CW observed that Dogecoin has just surpassed the wedge's declining resistance line. This is typically seen as a bullish reversal signal, confirmed once the price sustains above this line.
Market Analysis
The DOGE four-hour chart highlights a breakout from the symmetrical triangle pattern, having breached the descending resistance line around $0.1730, setting up Dogecoin for potential advancement to $0.1790 before a possible pullback.
For Dogecoin to continue its upward trajectory, bulls must secure prices over $0.1730. Failing to maintain this could dip DOGE to $0.1660 or back to the $0.1600 ascending support.
Recent bearish developments continue to challenge Dogecoin. The cryptocurrency formed a bearish tweezer pattern in the daily chart, unable to maintain momentum at the $0.176 resistance.
This suggests DOGE might retest the $0.143 support. If so, traders could witness a consolidation phase between $0.143 and $0.176 shortly.
Despite the recent hurdles, DOGE demonstrates some resilience—having seen only a modest 2.64% drop over the past week while staying relatively stable among the market's ups and downs.
At present, Dogecoin's market value stands at $25.22 billion, placing it just behind Cardano (ADA) with its $26.17 billion valuation. To surpass Cardano, DOGE merely needs a 1.03 times increase in its price.
Social sentiment remains strong for Dogecoin The cryptocurrency continues to lead the meme coin space in terms of social engagement, fueled by its fervent community and substantial public support.
Savvy DEX traders seem to be eyeing the current price levels as potentially advantageous. Their accumulation at crucial support points may herald a price upswing soon.
The combination of strategic buying and robust social sentiment bolsters Dogecoin's price, creating a favorable environment for continued market expansion as investor confidence grows. for DOGE’ The broader narrative in the crypto markets, spurred on by Bitcoin's steady ascent, highlights overarching strength. Historically, DOGE has thrived alongside Bitcoin's upward movements, setting the stage for a breakout if these bullish trends hold.
Currently, traders are keenly watching the critical support at $0.143 and the resistance at $0.176. Whether DOGE can break above or below these levels will guide its next major price direction.
Maisie is a seasoned journalist in the Crypto & Financial sectors, known for her work with Moneycheck.com, level-up-casino-app.com, Computing.net, and currently serving as Editor in Chief at Blockfresh.com.
