Dogecoin spent the last week hovering between $0.15 and $0.17, a continuation of its lost momentum in October. Despite the overall weakness in the crypto market, technical analysis shows that the same corner maintained a solid foundation near its support zone and resisted broader bearish pressure keeping it above $0.15.
Recent Bitcoin Price Movements set the tone for the rest of the market, but Dogecoin’s price action suggests that the token could be preparing for a reversal phase. A technical analysis from crypto analyst NekoZ on X has attracted considerable interest, as it indicates a bullish pattern forming on Dogecoin’s weekly chart.
A symmetrical triangle indicates a bullish rebound
According to NekoZ, Dogecoin is currently trading within a massive symmetrical triangle that has been forming for months. This trend is visible on the weekly candlestick price chart, and the formation dates back to late 2024.
The weekly chart shows that the price is approaching the lower limit of this structure, where there is a strong possibility of a reversal. Price action within the triangle shows the creation of higher highs in October, and Dogecoin could undergo an explosive move in either direction. Since the current structure has defended above $0.15, the setup is moving towards a bullish breakout scenario.
The analyst’s chart highlights that a successful rebound from the current zone could bring Dogecoin price back towards the upper trendline. A sustained move above $0.18 could be the first sign of this possibility, especially if it is accompanied by an increase in trading volume.
New wave of momentum could push DOGE to $0.35
Dogecoin price is hovering just within the circled region on the chart, which means it is testing the lower support line of the triangle. The latest weekly candles show that buyers defended the lower range, preventing a deeper correction.
If Dogecoin manages to bounce off the lower trendline, then the next outlook would be an upward push. However, the meme coin still has a long way to go before testing the resistance zone between $0.30 and $0.33.
A break above the upper trendline will effectively almost double its current value. Such a move would mark the start of a new wave of momentum and signify the eventual breakdown of the symmetrical triangle formation that has characterized Dogecoin’s price action since the start of the year. This would also pave the way for a Dogecoin Price Outlook at $0.35 and above.
However, the completion movement of the symmetrical triangle depends on how quickly Bitcoin can stabilize above $100,000 and general market sentiment brings risk back again. At the time of writing, Dogecoin is trading at $0.1643, up 0.5% in the last 24 hours.
Featured image from Getty Images, chart from Tradingview.com
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