DOGE retests triangle apex at $0.177, forming a key structural base for potential breakout.
RSI shows higher low as volume surges 150%, signaling possible bullish divergence on charts.
DOGE tests 0.618 Fib level; analysts cite it as a 'high confluence bounce zone' amid $2B volume.
Dogecoin (DOGE) has returned to a key structural point after closing its daily candle and moving directly onto the apex of a previously formed symmetrical triangle. This technical setup has captured market attention as it may define the next directional move for the meme-based cryptocurrency. Traders are watching closely for a possible breakout or breakdown as price action tightens.
Triangle Retest Reinforces Pattern Structure
According to analysis prepared by Trader Tardigrade via X, Dogecoin completed a successful retest of the upper boundary of a symmetrical triangle pattern. The pattern formed with multiple touches on both the resistance and support lines before DOGE broke out.
https://twitter.com/TATrader_Alan/status/1930786375126987190
The recent decline has brought the price back to the triangle’s apex, currently around $0.177. Tardigrade noted that “this area represents a structural foundation,” as the price is now testing a confluence zone with strong historical relevance.
Another post also showed DOGE forming a higher low on the RSI, suggesting a potential bullish divergence. If confirmed, this setup may signal reduced selling pressure and allow a new uptrend to develop.
Volume Surge and Historical Patterns Support Bullish Outlook
CryptoElites also shared a historical Dogecoin chart showing repeated symmetrical triangle formations that previously led to sharp price increases. Each cycle followed a similar pattern of consolidation and breakout, often with a vertical rally.
The current formation is appearing at a higher price level, and the projected long-term target remains $5. CoinMarketCap data shows that trading volume for Dogecoin rose over 150% in the last 24 hours, totaling over $2 billion. Some analysts suggest this could indicate institutional repositioning amid high volatility.
According to BitMonty via X, DOGE is also testing the 0.618 Fibonacci level, calling it a "high confluence bounce zone." At press time, Dogecoin trades at $0.1779, reflecting a 6.05% intraday decline while maintaining technical interest near key levels.
The post “This Area Represents a Structural Foundation”: Dogecoin Returns to Its Breakout Zone at $0.177 appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
