However, a failure to breach this level could catalyze another downtrend, potentially pushing Dogecoin’s price to the $0.306 support level. Dogecoin Trade Setup and Strategy While sharing his optimistic projection for Dogecoin’s price trajectory, CryptoSanders also outlined a well-defined trade strategy for investors looking to capitalize on this symmetrical triangle breakout. Related Reading: XRP Price Prediction: Wave 2 And 5 Targets Put XRP At $7 And $13 The analyst pinpointed an entry zone at the $0.316 price level after the confirmation of the breakout.A stop loss of $0.306 has been set to mitigate downside risk and avoid financial loss in the event of a failed breakout. Furthermore, the previously projected target of $0.375 has been reaffirmed as the primary profit-taking zone, coinciding with the highlighted resistance area on the chart.
According to the TradingView analyst, Dogecoin’s price broke above the symmetrical triangle’s upper trendline at approximately $0.316, confirming a bullish breakout and signaling a potential surge to a new price target above $0.375. Related Reading: Bitcoin Price Can Recover To $107,000 Again If This Important Level Is Broken A symmetrical triangle is a chart pattern that signals a period of consolidation before a price breakout.
This technical pattern, signaling a bullish continuation for Dogecoin, is expected to trigger a price surge to a new target above $0.375. Symmetrical Triangle To Drive Dogecoin Price Above $0.37 CryptoSanders has shared a Dogecoin price chart, showing a symmetrical triangle pattern formed by converging trendlines.
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