according to materials from the portal - By CoinoMedia
Dogecoin is drawing attention as it trades within a 'triangle' pattern — a classic technical model that often leads to significant price movement. Traders and analysts believe this consolidation phase may soon be followed by a breakout, potentially pushing DOGE up by 30% in the event of an upward breakout.
This triangle is forming against the backdrop of DOGE price compression between converging trend lines, indicating market indecision. As the pattern approaches its peak, the likelihood of a sharp movement increases. A breakout will not only confirm the resumption of bullish sentiment but could also lead to a rapid price increase.
The bullish scenario is based on a breakout of DOGE key resistance around $0.25. If this level is broken with high volume, Dogecoin could rise to $0.28 or even $0.31 — a potential increase of 30% from current levels.
On the other hand, failure to hold support around $0.23 could nullify the optimistic outlook. A breakout could lead to a drop to $0.20, which would disappoint the bulls and shift momentum towards the bears.