DOGE trapped in triangle drama – can $0.22 save the day?

As the larger part of the cryptocurrency market continues to struggle with trading in the red, Dogecoin (DOGE) is no exception, finding itself at a critical juncture where traders watch closely whether it can hold the $0.22 support level. 

Indeed, recent charts show DOGE locked in a symmetrical triangle formation, where price is squeezed between rising trendline support and horizontal resistance at $0.29, according to the analysis by popular crypto trading expert Ali Martinez shared in an X post on September 26.

At the time of writing, DOGE is trading just above its ascending support line. In Martinez’s view, a decisive defense of $0.22 could allow bulls to stage a rebound toward the triangle’s x-axis at $0.29, keeping the bullish structure intact.

Specifically, its current price is $0.2241, which indicates a decline of 3.79% in the last 24 hours and a more significant dip of 18.01% across the previous seven days, while on its monthly chart, it’s maintaining an increase of 1.58%, per the latest data.

Bullish vs. bearish case

If DOGE continues to respect the rising trendline, buyers may accumulate around current levels, fueling a push back into the $0.26 – $0.29 zone. A breakout above $0.29 would confirm the triangle resolution to the upside, with measured targets pointing toward $0.38 and potentially even $0.42.

That said, failure to hold $0.22 could invalidate the bullish setup. A breakdown from the triangle would open the door to deeper retracements, with the next supports lying around $0.21 and $0.19. Such a move would dampen bullish momentum and delay any breakout attempt.

For now, $0.22 remains the line in the sand. If it holds, DOGE could be gearing up for a run toward $0.29 and beyond. If it breaks, bulls may have to wait longer for another shot at the highs.