Memecoin Trader Predicts ‘Violent Upside Move’ in Dogecoin (DOGE) Price – Here’s the Outlook

Dogecoin (DOGE) Primed for Explosive Rally, Analyst Predicts

Cryptocurrency trader Bluntz has identified a crucial pattern on the Dogecoin (DOGE) against Bitcoin (BTC) chart, highlighting a potential for significant upward movement.

Symmetrical Triangle Pattern

The DOGE/BTC chart displays a symmetrical triangle pattern over the past three weeks, characterized by two trendlines converging at a point. The lower support level is situated at 0.00000400 BTC, while the higher resistance zone is close to 0.00000450 BTC.

Accumulation and Breakout

Bluntz suggests that a three-week accumulation phase may precede an explosive rally in DOGE. The A-B-C-D-E price structure within the triangle pattern indicates a period of consolidation before a potential breakout.

Price Levels and Breakout Scenarios

The upper resistance trendline at 0.00000450 BTC represents a critical point for potential upward movement. A break above this level could trigger increased buying pressure, with a measured move calculation suggesting a possible target range between 0.00000550 and 0.00000600 BTC.

The lower support trendline at 0.00000400 BTC serves as a foundation for the current price structure. Falling below this level could shift market sentiment.

Technical Indicators Support Pattern

The Relative Strength Index (RSI) reading of 58 indicates building momentum without reaching overbought conditions, supporting the consolidation thesis.

Volume Patterns

A successful breakout typically requires increased trading volume to validate the price direction. While the current setup shows declining volume, it may be a prelude to a potential surge in DOGE's trading activity during a breakout event.