Dogecoin is approaching a symmetrical triangle breakout, with a 60% upside if it crosses the $0.22 resistance level.
Daily active addresses jumped by 110% in two days, signaling increased interest and potential upward momentum.
Bearish pressure is weakening on the 4-hour chart, with RSI and AO indicating a likely shift toward bullish momentum.
Dogecoin may be poised for a sharp price surge, with analysts pointing to a symmetrical triangle pattern nearing its breakout phase. According to Ali Martinez, a recognized crypto analyst, Dogecoin could rally up to 60% if it moves past the upper resistance level of $0.22. This move could send the coin to around $0.35, which would mark its highest value since January.
Looking at the Dogecoin four-hour chart, it is possible to say that bearish sentiment has weakened due to the price fall of 24% during the last month. The Relative Strength Index (RSI) has been building higher lows; this indicates the lessening of selling pressure. An up move out of 50 might be an indicator of a comeback of the bulls.
Additionally, the Awesome Oscillator (AO) has flipped green. Its shrinking histogram bars indicate bears are losing momentum. A crossover above the zero line could provide further confirmation of a price reversal.
Support and Resistance Boundaries Determine Price Direction
Martinez notes that the symmetrical triangle pattern presents two possible scenarios depending on the breakout direction. If Dogecoin breaks above $0.22, it could initiate a 60% climb. However, a breakdown below the $0.16 support level could trigger a steep fall, potentially driving the price down to $0.064.
Daily active addresses show that Dogecoin launched over 110 percent in just two days. The number went up to almost 141,000, hitting the maximum mark of 165,740 on June 18 after gaining about 66,000 people. That is the largest figure in user activity recorded during the past month with Dogecoin.
An increase in addresses is usually a signal that there is increasing interest in the number of users and trade. Bigger interest normally comes with positive price activity, particularly when it accompanies positive technical signals.
In addition to the symmetrical triangle, analysts also observed a falling wedge pattern. This is generally viewed as a bullish reversal setup. It further supports the case for an upward breakout if Dogecoin continues to show improving momentum and trading volumes.
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