A crypto analyst, known as 'CryptoSanders9563', appeared in a report on TradingView that Dogecoin price has broken out of a symmetrical triangle pattern. This technical pattern indicates a bullish continuation for Dogecoinit is expected to trigger a price increase to a new target above $0.375.
A symmetrical triangle to drive Dogecoin price above $0.37
CryptoSanders has a Dogecoin stock price historyshows a symmetrical triangle pattern formed by converging trend lines. According to the analyst TradingView, the price of Dogecoin broke above the upper trend line of the symmetrical triangle at around $0.316, confirming its bullish breakout and indicates a possible upside to a new price target above $0.375.
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A symmetrical triangle is a chart pattern that indicates a period of consolidation before prices break out. When the price of a digital currency recognizes a breakout from this pattern, it often indicates the beginning of a new trend or the continuation of a previous trend. As a result, a break out of the lower trend indicates the beginning of a bearish phase and vice versa.
CryptoSanders has revealed that Dogecoin stock price history coupled with continued price action above critical moving averages, strengthening its bullish position. At the time of the analyst's report, Dogecoin's price was trading above 50 Moving Average (EMA) and the 200-EMA.
These two moving averages are critical indicators that indicate a continued rise in the price of Dogecoin. Analyst TradingView has confirmed that the confluence of the two moving averages could be a dynamic support for Dogecoin, which could reinforce its upside momentum.
After a recent breakout from the symmetrical triangle pattern, the analyst has identified $0.375 as Dogecoin's next move. significant resistance level. This price point is also a psychological level for Dogecoin, making investors profitable.
If the price of Dogecoin can break above the resistance level of $0.375, it could trigger a bigger level prices rally to new highs. However, failure to break this level could trigger another decline, which could push Dogecoin's price to the $0.306 support level.
Dogecoin Trading Position and Strategy
While he is sharing a optimistic outlook for the price path of Dogecoin, CryptoSanders also outlined a well-defined trading strategy for investors who wanted to take advantage of this symmetrical triangle breakout.
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The analyst indicated an entry zone at the price level of $0.316 after confirmation of the break. A stop loss of $0.306 was set to reduce downside risk and avoid financial loss in the event of a failed breakout.
In addition, the previously projected target of $0.375 was reaffirmed as the primary profit building zoneat the same time as the protected area marked on the card. CryptoSanders has revealed that this trading position offers a favorable risk-to-reward ratio. Investors can earn a large profit as long as the price of Dogecoin keeps above the breakout level and the stop loss is respected.
Featured image created by Dall.E, chart from Tradingview.com
