Just one more dip? DOGE looks ready to explode

As the majority of assets in the cryptocurrency market continue to struggle with pessimistic sentiment, Dogecoin (DOGE) might be looking at one final dip before it skyrockets to new heights, judging by a technical indicator compressing its price.

Indeed, popular crypto trading expert Ali Martinez has observed that DOGE was in a symmetrical triangle that was getting tighter, and the bullish breakout from it would push the famous meme coin higher into September, according to an analysis he shared in an X post on August 25.

Dip before the storm

Specifically, this technical indicator is represented by an upper descending trendline connecting lower highs, a lower ascending trendline connecting higher lows, and a price compressing toward the triangle’s end. DOGE has been consolidating inside the triangle for about five weeks in a period of indecision before a major move.

Meanwhile, Martinez’s analysis also suggests several possible targets after the breakout, culminating at around $0.29 and possibly proceeding even higher. However, a breakdown below $0.22 would invalidate the bullish setup and potentially retest $0.20 or even $0.19.

For the time being, the currently eighth-largest crypto asset by market capitalization is changing hands at the price of $0.2210, which suggests a decline of 4.78% in the last 24 hours, a 0.42% drop across the previous seven days, and an accumulated loss of 7.34% on its monthly chart.

As a reminder, Martinez noted last week that DOGE was preparing for an explosive 40% move, which would mean a jump to over $0.30 if Elon Musk’s favorite token would hold above the $0.218 support and break the upper triangle trendline that at the time ranged at about $0.24 – $0.25.