Dogecoin Rebounds From 16 Cents as Triangle Pattern Signals 60% Price Swing

Dogecoin (DOGE) is exhibiting signs of stabilization around the $0.170 mark after a notable recovery from earlier session lows. This price action suggests potential accumulation, occurring against a backdrop of macroeconomic uncertainties impacting global markets.

The popular meme cryptocurrency has found solid support around $0.16, and its price movement is currently confined within a symmetrical triangle pattern. This technical formation is often considered a precursor to significant directional shifts.

News Background

Market analysts are increasingly observing the tightening technical structure of DOGE. The existing symmetrical triangle formation, coupled with decreasing trading volume and volatility, indicates that a breakout may be on the horizon. Historically, this pattern has been associated with potential price movements of up to 60%, although the direction of such a move remains uncertain.

With the Federal Reserve's upcoming policy announcement and continued pressure on risk assets, DOGE's position near a potential breakout point presents both opportunities and risks for traders speculating on the outcome.

Price Action

Over the past 24 hours, DOGE has traded within a narrow 2.7% range, fluctuating between $0.167 and $0.172. An initial 1.8% decline at 04:00 was quickly countered by a robust recovery during the 07:00 hour, accompanied by a surge in volume to 248 million units – the highest of the day. This rebound solidified $0.168 as a crucial support level.

Following the recovery, price action entered a consolidation phase between $0.170 and $0.172. Attempts to breach the resistance level at $0.172 were met with rejection during the 13:00 hour, marked by a selling volume of 193 million. Renewed downward pressure emerged around 13:45–13:51, with volume spiking again to 18.7 million, but DOGE maintained its position at $0.170.

Technical Analysis Recap

• DOGE's 24-hour range was 2.7%, trading between $0.167 and $0.172.
• An early 1.8% decline was reversed with 248M volume at $0.168, confirming this level as support.
• A consolidation range has formed between $0.170 and $0.172.
• Resistance at $0.172 was tested and rejected during the high-volume 13:00 hour (193M).
• A late-session dip saw volume increase to 18.7M; the price defended the $0.170 floor.
• The symmetrical triangle pattern is tightening, with analysts suggesting a potential 60% move upon breakout.
• The Relative Strength Index (RSI) is hovering near 50, and the Moving Average Convergence Divergence (MACD) has flattened, indicating a compression phase in momentum indicators.