- Dogecoin (DOGE) price climbed approximately 3% this week, nearing $0.0811.
- DOGE exhibits a symmetrical triangle consolidation pattern, suggesting potential high volatility.
- Analysts anticipate a breakout if DOGE breaches triangle resistance at $0.09, potentially leading to a 30% surge.
The price of the meme cryptocurrency Dogecoin (DOGE) has climbed roughly 3% this week to trade near $0.0811. The mid-cap altcoin now signals an imminent bullish breakout as technical and on-chain factors align for further upside after a grueling two-year bear market.
A confluence of tailwinds seems to be propelling the Elon Musk-backed token as the wider crypto space awakens from its slumber in 2023. For starters, Dogecoin has carved out a symmetrical triangle consolidation on its price chart, typically a precursor to high volatility.
Can Dogecoin surge higher?
Crypto analyst Captain Faibik notes DOGE appears on the verge of breaching triangle resistance around $0.09. A convincing move above that level could ignite a 30% price explosion toward the psychologically important 10 cent mark.
Additionally, if Dogecoin can close consistently above its 200-week moving average, currently around $0.06, it would confirm a new rising trend emerging. This key moving average held stoutly as support during past crypto bull runs.
Fundamentals likely support the bullish DOGE narrative as well. Statistics show the network now supports nearly 7 million non-zero addresses, highlighting deep liquidity. Also, real-world integration continues to expand through payments and an upcoming SpaceX moon project.
Of course, sustaining any post-breakout Dogecoin upside hinges on broader crypto strength persisting. However, with Bitcoin crossing $50,000 this week for the first time since 2021, the environment seems ripe for mean coin mania to return.
So as legacy holders continue accumulating DOGE near multi-year lows, the stage may be set for fireworks if overhead resistance gives way. The coming weeks seem poised to redefine Dogecoin’s outlook after years of false starts. An enduring break past 10 cents would reinvigorate the bull case for one of crypto’s most iconic pioneers.
