Dogecoin Eyes 60% Surge as Technical Patterns Signal Imminent Breakout

Dogecoin is approaching a symmetrical triangle breakout, with a potential 60% upside if it surpasses the $0.22 resistance level.
Daily active addresses have surged by 110% in two days, suggesting heightened interest and potential upward momentum.
Bearish pressure is diminishing on the 4-hour chart, with RSI and AO suggesting a likely shift toward bullish momentum.

Dogecoin may be on the cusp of a significant price increase, as analysts observe a symmetrical triangle pattern nearing its breakout phase. According to crypto analyst Ali Martinez, Dogecoin could rally by as much as 60% if it overcomes the upper resistance level of $0.22. This movement could propel the coin to approximately $0.35, marking its highest valuation since January.
Examining the Dogecoin four-hour chart, a weakening of bearish sentiment is apparent following a 24% price decline in the past month. The Relative Strength Index (RSI) has been forming higher lows, indicating a reduction in selling pressure. A move above 50 could signal a resurgence of bullish activity.

Source: (X)

Furthermore, the Awesome Oscillator (AO) has turned green. Its diminishing histogram bars suggest that bears are losing strength. A crossover above the zero line could provide further confirmation of a price reversal.

Support and Resistance Levels Dictate Price Trajectory

Martinez points out that the symmetrical triangle pattern presents two possible scenarios based on the direction of the breakout. Should Dogecoin break through $0.22, it could initiate a 60% upward climb. Conversely, a breakdown below the $0.16 support level could trigger a sharp decline, potentially driving the price down to $0.064.

Daily active addresses for Dogecoin have increased by over 110% in just two days. The number rose to nearly 141,000, peaking at 165,740 on June 18 after an increase of approximately 66,000 users. This represents the highest level of user activity recorded in the past month for Dogecoin.

An increase in active addresses typically indicates growing interest in the asset and increased trading activity. Greater interest often correlates with positive price action, particularly when accompanied by favorable technical signals.

In addition to the symmetrical triangle, analysts have also identified a falling wedge pattern, generally considered a bullish reversal formation. This further strengthens the argument for an upward breakout if Dogecoin continues to demonstrate improving momentum and trading volumes.