Analyst Identifies Multi-Year Triangle Pattern for Dogecoin with $3.08 Breakout Target
The pattern began forming after Dogecoin’s decline from its peak, with price action bottoming at $0.048 on June 13, 2022. Multiple attempts to break below this lower boundary occurred on June 5, August 14, and October 9 of 2023, but each effort failed to establish new lows.
DOGE cup formation supports accumulation thesis
A sizable yellow-shaded area known as a “cup” that extends from mid-2021 to early 2025 is at the heart of Karimzsfeh’s study. DOGE’s all-time high of $0.73536 on May 3, 2021, is the origin of the symmetrical triangular structure, which has been in place for several years and may be approaching resolution.
The upper edge of the triangle aligns with the rim of the cup near $0.49160. This creates a critical resistance level. According to the analyst, a breakout above this point would be essential for triggering sustained upward movement.
Karimzsfeh stressed that the significant upward advance that would send Dogecoin “to the moon” could only be initiated by a verified breakout above the top of the yellow pattern, which would be in line with the rim of the cup. He suggests taking a cautious “wait and watch” stance until such confirmation takes place.
The chart identifies $3.08 as a potential target if the breakout materializes, which would represent more than a 13x increase from current levels. This ambitious target reflects the measured move potential of the multi-year consolidation pattern.
The analyst’s conservative approach acknowledges that premature breakout calls have led to disappointment, making confirmation above key resistance levels crucial for validating the bullish scenario.
$DOGE
#DOGE
DOGE cup formation supports accumulation thesis
A sizable yellow-shaded area known as a “cup” that extends from mid-2021 to early 2025 is at the heart of Karimzsfeh’s study. DOGE’s all-time high of $0.73536 on May 3, 2021, is the origin of the symmetrical triangular structure, which has been in place for several years and may be approaching resolution.
The upper edge of the triangle aligns with the rim of the cup near $0.49160. This creates a critical resistance level. According to the analyst, a breakout above this point would be essential for triggering sustained upward movement.
Karimzsfeh stressed that the significant upward advance that would send Dogecoin “to the moon” could only be initiated by a verified breakout above the top of the yellow pattern, which would be in line with the rim of the cup. He suggests taking a cautious “wait and watch” stance until such confirmation takes place.
The chart identifies $3.08 as a potential target if the breakout materializes, which would represent more than a 13x increase from current levels. This ambitious target reflects the measured move potential of the multi-year consolidation pattern.
The analyst’s conservative approach acknowledges that premature breakout calls have led to disappointment, making confirmation above key resistance levels crucial for validating the bullish scenario.
$DOGE
#DOGE
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