After Dropping to $0.16, Dogecoin Eyes 60% Move on Emerging Triangle Chart Pattern

Dogecoin (DOGE) is holding firm near $0.170, recovering from earlier lows, as traders watch a tightening symmetrical triangle pattern that could pave the way for a significant price swing of up to 60%.

Even amid global macroeconomic pressures, DOGE is displaying resilience, rebounding from a drop to $0.16, now establishing that level as solid support.

Market Overview

• Technical analysts are zeroing in on DOGE’s symmetrical triangle structure. The combination of narrowing price ranges and declining volume is a classic precursor to a large breakout move.
• While the direction of the next major swing remains uncertain, historical performance suggests potential for a 60% move.
• The market’s focus also remains on the upcoming Federal Reserve policy announcement, adding a layer of caution to risk assets like cryptocurrencies.

Price Action Recap

DOGE traded within a 2.7% range over the past 24 hours, oscillating between $0.167 and $0.172:

• The token experienced a sharp 1.8% drop early in the session but quickly recovered at $0.168, with trading volume spiking to 248 million DOGE, the day’s highest level.
• DOGE then moved into a tight consolidation between $0.170 and $0.172, repeatedly testing resistance but failing to break higher.
• A push to breach $0.172 during the 13:00 hour was met with 193 million in selling volume, leading to a slight pullback.
• Another wave of selling pressure emerged between 13:45 and 13:51, with volume reaching 18.7 million, but DOGE managed to hold support around $0.170.

Technical Highlights

• Range: 24-hour movement between $0.167 and $0.172 (2.7%)
• Support: Solidified at $0.168 after strong rebound on high volume
• Resistance: Consistently tested at $0.172, holding firm so far
• Pattern: Symmetrical triangle, signaling potential for major price shift
• Indicators: RSI hovering near neutral at 50; MACD remains flat, signaling compressed market conditions

As DOGE continues to coil within this narrowing range, traders remain vigilant for a breakout that could determine the next significant leg in the meme token’s price journey.