Dogecoin [DOGE] Buyers can count on the possibility of this breakout


Over the course of the past seven weeks, Dogecoin has [DOGE] On the daily chart, it has moved closer to nine-month trendline resistance (white, dotted). This gradual recovery helps meme-coin accelerate its 20 EMA growth as it struggles to trigger a bullish flip on the EMA ribbon.

However, DOGE struggled to find a volatile break out of the point of control (POC, red). With substantial resistance in the $0.07 area, buyers will have to increase their buying volume to finally confirm the possibility of a breakout. At press time, DOGE was trading at $0.0689, up 2.85% in the past 24 hours.

DOGE daily chart

Source: TradingView, DOGE/USD

A buying recovery from 15-month support in the $0.049 to $0.052 range helped the coin maintain its position near POC levels. Meanwhile, buyers struggled to break out of the EMA ribbon.

Additionally, the nine-month trendline resistance coincides with the 50 EMA, forming a solid barrier. While buying pressure appears to be building around the borders of these ribbons, any break above the $0.07 mark could lead to a bullish volatility move.

Over the past month, DOGE has formed a symmetrical triangle structure on the daily time frame. The coin has breakout potential given the previous small uptrend. Any breakout of the pattern could trigger a test of the $0.077 ceiling in the coming sessions.

However, a bearish intervention at the $0.07 mark could help the sellers prolong the downturn. Any close below $0.065 would be a potential trigger for bullish invalidation.

Fundamental

Source: TradingView, DOGE/USD

The RSI finally broke the 52 resistance level to gain the bullish advantage. Bulls still need to sustain the uptrend above this level to ensure continued growth on the charts.

Interestingly, the CMF and Accumulation/Distribution lines mark a ten-day trough. This trajectory confirms a bullish divergence in price action. But as ADX attests, alt has yet to show a strong directional trend.

in conclusion

As of this writing, DOGE is at the apex of its symmetrical triangular structure. The next few candlesticks could confirm the bullish bias shown by the indicator. The goals will remain the same as discussed.

Still, the dog-themed coin has a 79% 30-day correlation with the king coin. Therefore, keeping a close eye on Bitcoin’s movements will complement these technical factors.



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