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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Dec 04, 2024 12:54 UTC
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DOGE Price Eyes Triangle Breakout: Can It Surpass $0.50?
Triangle Pattern Breakout Potential: DOGE price consolidates within a triangle pattern, with a breakout above $0.423 targeting the 78.6% Fibonacci level
Technical Indicators Support Growth: The MACD and Signal lines are merging, signaling a potential bullish crossover, while the 50 and 100 EMA lines act as dynamic supports.
Psychological Barrier at $0.50: A breakout rally could push DOGE to the 1.272 Fibonacci level at $0.5113, marking a new 52-week high and surpassing the $0.50 milestone.
Amid the growing bullish market, Dogecoin is sustaining its bullish trend and preparing for a new breakout rally. With buyers keeping the market price floating above the $0.40 mark, the chances of a bullish trend have significantly increased.
With the broader market bounce back, the DOGE coin could witness a surge beyond the $0.50 psychological mark. So, will the biggest meme coin surpass this psychological barrier? Let’s find out in our latest DOGE coin price analysis.
Dogecoin Price Analysis
In the 4-hour chart, the DOGE price action showcases a triangle pattern formation. This consolidation within the two converging trend lines comes after a massive overrun.
Over the past 30 days, the DOGE price action has given substantial returns, driving the memecoin rally. The bullish rally now accounts for a price surge of nearly 175% over the last 30 days.
Currently, the DOGE price action showcases a bounce back from the support trend line, creating two consecutive bullish candles. However, the DOGE price struggles to surpass the 50% Fibonacci level at $0.423.
With a pullback of 1.04% over the last 4 hours, the supply pressure and the crucial Fibonacci resistance keep the bullish growth under check. However, the short-lived recovery rally resulted in a merger of the MACD and signal lines.
With this, the indicator prepares for a bullish crossover if the uptrend survives. The 50% Fibonacci level breakout will challenge the overhead resistance trendline, attempting to break the triangle pattern.
Dogecoin Targets $0.50 Breakout.
Based on the Fibonacci levels, the triangle breakout rally will challenge the 78.60% Fibonacci level at $0.4553.
The 52-week high is currently registered at $0.48078, and the breakout rally could surge to 1.272 Fibonacci level at $0.5113. This will result in a new 52-week high in DOGE coin prices and mark a significant milestone of surpassing the $0.50 psychological mark.
Conversely, a breakdown below the local support trend line will test the 23.60% Fibonacci level at $0.39183. The rising 50 and 100 EMA lines in the 4-hour chart act as dynamic support levels.
Read More: Dogecoin Price Prediction 2024, 2025-2030.
FAQs
Dogecoin consolidates within a triangle pattern and bounces off the support trend line. The price struggles to surpass the 50% Fibonacci level at $0.423.
Resistance lies at the 50% Fibonacci level ($0.423), with targets at $0.4553 and $0.5113. Key support levels are at $0.39183 and the rising 50 and 100 EMA lines.
A triangle breakout supported by bullish technical indicators and rising EMA lines could push DOGE beyond the psychological level of $0.50, with the potential to hit $0.5113.
Yes 
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