Dogecoin is poised for a significant price surge, with an ascending triangle pattern suggesting a potential 50% rally if it breaks through $0.25 resistance. This bullish signal is supported by strong trading volume and positive momentum from the MACD indicator. While short-term signals are mixed, on-chain data shows that 84% of Dogecoin holders are already in profit.
An ascending triangle pattern, visible on the daily chart, indicates a price increase if it breaks above the $0.25 mark with increased trading volume. If momentum holds, targets of $0.28 and $0.36 could be reached – a 50% gain from current levels. Trading volume has been rising alongside the price surge.
The MACD indicator crossed into positive territory for the first time in weeks, pointing towards a bullish shift. Additionally, exchange data indicates an increase in net inflow for DOGE on August 10 and 11. 84% of Dogecoin holders are currently in profit, mirroring levels seen before a price correction earlier this year.
Looking ahead, the key resistance level lies at $0.29. If this level breaks, it will validate the bullish triangle breakout and open the way for an even higher rally toward $0.36. However, the market has its own unpredictable nature. 84% of holders are already profitable on Dogecoin. This is reminiscent of a similar setup in July that preceded a price drop.
While Fibonacci levels at $0.23 offer support to the descending triangle pattern, it’s crucial to consider the overall market dynamics. The current structure resembles a coiled spring with high potential energy, ready to be unleashed once resistance breaks down. Traders must pay close attention to the breakout points of $0.25 and $0.29.