DOGE turns bullish after key breakout - next stop $0.26?
As the new week opens on a more optimistic note for the majority of assets in the cryptocurrency market, Dogecoin (DOGE) is continuing its upward momentum after breaking out of a descending triangle pattern on the daily chart, signaling a potential move toward $0.26.
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Specifically, the descending triangle, which is a pattern typically associated with continuation setups, formed as DOGE consolidated between lower highs and a consistent horizontal support level, according to the chart analysis shared by popular crypto trading expert Trader Tardigrade on October 27.
Descending triangle breakout points to bullish continuation
After several days of compression, the price finally broke above the descending trendline, confirming a bullish breakout on the daily timeframe. Following the breakout, Dogecoin reclaimed the $0.20 region, establishing it as short-term support.
As it happens, the chart projection shared by Trader Tardigrade outlines a potential path toward $0.23, then $0.26 – $0.27, which corresponds to the previous high recorded earlier in October. However, for confirmation, DOGE bulls will want to see sustained closes above $0.21 and increasing volume to validate the breakout’s strength.
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For the time being, the popular memecoin is changing hands at the price of $0.2027, which suggests an increase of 0.5% in the last 24 hours, a 1.09% gain across the previous seven days, and an 11.68% decline accumulated on its monthly chart, per the latest data.
Earlier, DOGE found itself at a pivotal moment where its price was clinging to key channel support around $0.18, and its successful defense opened the path to $0.25 and potentially even $0.33, as fellow crypto analyst Ali Martinez pointed out last week.
All things considered, with the critical support defended, the descending triangle now behind it, and the $30 billion market capitalization, Dogecoin’s technical picture remains constructive, especially if the market avoids sharp reversals at key resistance zones.
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