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The cryptocurrency analyst, known as ‘CryptoSanders9563’, has been exposed in a a report On TradingView, Dogecoin price has broken out of the symmetrical triangle pattern. This artistic style refers to A Bullish continuation for Dogecoinis expected to lead prices to rise to a new target above $0.375.
A symmetrical triangle to push Dogecoin price above $0.37
CryptoSanders shared by Dogecoin price chartshows a symmetrical triangle pattern consisting of converging trend lines. According to a TradingView analyst, Dogecoin price broke above the upper trend line of the symmetrical triangle at approximately $0.316, confirming Bullish breakout Pointing to a potential rise to a new price target above $0.375.
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A Symmetrical triangle It is a chart pattern that indicates a period of consolidation before a price breakout. When a cryptocurrency price experiences a breakout of this pattern, it often indicates the beginning of a new trend or a continuation of a previous trend. As a result, a breakout from the lower trend line marks the beginning of a bearish phase and vice versa.
CryptoSanders has revealed this Dogecoin price hack Accompanied by continued price movement above the critical moving averages, further strengthening the bullish setup. At the time of the analyst’s report, Dogecoin price was trading above the 50 level Exponential Moving Average (EMA) And 200-EMA.
These two moving averages are crucial indicators that indicate continued upward momentum in Dogecoin price. The TradingView analyst believes that the convergence of both moving averages could serve as a dynamic support for Dogecoin, which could lead to its strengthening. Bullish momentum.
After the recent breakout of the symmetrical triangle pattern, the analyst has identified $0.375 as the next price for Dogecoin. Great resistance level. This price point is also a psychological level for Dogecoin, generating profits for investors.
If Dogecoin price can break through the $0.375 resistance level, it could lead to a bigger rally Prices rise to new highs. However, failure to break this level could trigger another downtrend, which could push Dogecoin price towards the $0.306 support level.
Dogecoin trading setup and strategy
While sharing Optimistic projection As for Dogecoin’s price trajectory, CryptoSanders also outlined a well-defined trading strategy for investors looking to profit from this symmetrical triangle breakout.
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The analyst identified an entry zone at the $0.316 price level after confirming the breakout. The stop loss is set at $0.306 to mitigate downside risk and avoid financial loss if the breakout fails.
Furthermore, the previously expected target of $0.375 was reaffirmed as the primary target Profit taking zoneThis coincides with the resistance area shown on the chart. CryptoSanders revealed that this trading setup offers a decent risk-to-reward ratio. Investors can make significant profits as long as the Dogecoin price remains above the breakout level and the stop loss is respected.
Featured image created with Dall.E, chart from Tradingview.com