Dogecoin Price Prediction: DOGE Soars 7% As Traders Eye This New PEPE Upgrade Presale Raising Over $670K

Dogecoin Price Surges 7%

The Dogecoin (DOGE) price has experienced a remarkable 7% increase within the last 24 hours, reaching $0.4359 as of 3:15 a.m. EST. This surge is accompanied by a significant 54% jump in trading volume, amounting to $16.5 billion.

Dogecoin Breaks Above Symmetrical Triangle

The DOGE/USD trading pair, currently valued at $0.4359, has exhibited a symmetrical triangle pattern over a 4-hour timeframe, indicating a consolidation period. This pattern typically remains neutral, with the subsequent price movement determining the future trend. As the price approaches the triangle's apex, a decisive move is anticipated.

Moving Averages Provide Support

Moving averages (SMAs) offer valuable support and insight regarding market momentum. The SMA50, currently sitting at $0.4172, acts as a short-term support level, confirming the presence of bullish momentum as long as the price remains above it.

The MA200, positioned lower at $0.34, serves as a long-term support level, reinforcing a wider bullish bias. Should the price break out of the triangle to the upside, the target range falls between $0.50 and $0.55, based on the triangle's height projected upward.

Technical Indicators Signal Further Rally

The Relative Strength Index (RSI) stands at 61.24, above the neutral mark of 50. This indicates bullish momentum for Dogecoin's price without reaching overbought levels (above 70). Such RSI behavior suggests potential for an upward breakout.

While volume is absent from this chart, a successful breakout, particularly to the upside, would require confirmation through increased trading volume to validate the move. For support and resistance, the immediate levels to monitor include the MA50 at $0.4172 and the lower boundary of the triangle as key support zones.

On the resistance side, the upper triangle boundary at $0.44-$0.45 is crucial, followed by the projected target range of $0.50-$0.55 in the event of a bullish breakout. A breakdown would push the MA200 at $0.34 into focus as a key support level to watch.