- Dogecoin price is contained inside a symmetrical triangle pattern on the 1-hour chart.
- The pattern is on the verge of bursting and can push DOGE by up to 33%.
- Another increase in network growth shows bulls might have the upper hand.
After several massive moves thanks to Elon Musk, Dogecoin has finally calmed down in the past 24 hours. The digital asset is currently inside a symmetrical triangle pattern and it’s on the verge of a massive price move.
Dogecoin price awaits a massive explosion as volatility fades away
On the 1-hour chart, Dogecoin has established a symmetrical triangle pattern which is on the verge of bursting. The resistance level is located at $0.0806, a breakout above this point would drive Dogecoin price towards $0.106, a 33% move.
DOGE/USD 1-hour chart
It seems that DOGE bulls have the upper hand as the network growth of the digital asset has continued to rise. The number of new addresses joining Dogecoin’s blockchain has increased by 33% in the past week. Similarly, the amount of active addresses on the network also grew by 28%.
DOGE Network Growth chart
Nonetheless, a breakdown is also entirely possible as both support and resistance levels are extremely close to each other. Losing $0.078 would quickly drive Dogecoin price down to $0.053.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.