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DOGE is poised for 64% breakout if this key level is breached

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  • Dogecoin price looks poised for a 64% upside breakout as it moves towards the upper boundary of the symmetrical triangle pattern.
  • A break above $0.269 could put the upside target of $0.435 on the radar.
  • DOGE may find a solid support point at $0.242 if selling pressure increases.

Dogecoin price is setting up for a 64% rally, but the dog-themed token has one last hurdle to clear before the upside target is in sight. DOGE must climb above the downtrend line that has acted as a headwind for the token since June 3.

DOGE

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Dogecoin price may clear one last barrier.

Dogecoin price has formed a symmetrical triangle pattern on the daily chart as the bulls catch their breath. As DOGE consolidates, some important technical indicators suggest that the token is primed for a strong run.

The technical pattern suggests a 64% upside in the Dogecoin price if the token manages to break above $0.269, the upper boundary of the pattern. Before bulls can anticipate a bullish move to the bullish target, DOGE must also conquer the 50% Fibonacci retracement at $0.255.

If buying pressure builds and Dogecoin breaks above $0.27, DOGE will encounter another hurdle at the 61.8% Fibonacci retracement, coinciding with the 200-day simple moving average at $0.277.

In addition, there may be hurdles at the Fibonacci retracement of 78.6% at $0.310 and then at the high of Aug. 16 at $0.351, before finally reaching the aforementioned upside target of $0.435.

Dogecoin price is in a consolidation pattern

Dogecoin price is in a consolidation pattern. DOGE could still oscillate within the governing pattern until it makes a decisive move higher, accompanied by a surge in buy orders. Up until then, the token exposed to minor dips, in which case the nearest support point at the 100-day SMA at $0.242 will provide substantial support.

Adding credence to the strength of this support level is IntotheBlock’s In / Out of Money Around Price (IOMAP). Which indicates that 80,240 addresses bought 14.73 billion DOGE at an average price of $0.242.

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Michelle D. Madsen

Michelle D. Madsen graduated from the University of Westminster and has been deeply involved in the world of finance ever since. She has worked as a Broadcast Journalist hosting various news shows and informative webcasts about the financial markets. Since 2004 she has also been writing for Metanews daily, her attention to detail, and her in-depth knowledge of the financial markets have led her to cover Foreign Exchange and commodities. The world of finance has changed in the last few years with the introduction and rising popularity of cryptocurrencies. She has in no means been left behind, adding this to her bank of intellect and is now also an expert in cryptocurrencies. For the last ten years, Ms. Madsen has been engaged in the financial market. She has notedly written a great number of incredibly informative reviews for the crypto exchange and forex brokers. Her wealth of knowledge has enabled her to become a leading expert in the field. She continues to inform the public writing up-to-date, thorough reviews for the readers of Metanews as she has for the last decade.
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