An analyst charting multi-year symmetrical triangles has spotted a technical pattern on Dogecoin that could see the token move massively higher.

Dogecoin price remained stable above the $0.22 mark between May 20 and May 26, following a peak of $0.25 on May 23. In the last 24 hours, the token went up by 4.1%, suggesting a technical support zone may be holding. On the other hand, the weekly chart showed that DOGE is up 5%, highlighting sustained strength despite a midweek pullback.

Multi-Year Pattern On Technical Charts

Amid this relatively strong performance, TradingView analyst Akbar Karimzsfeh focused on a long-term consolidation pattern visible on Dogecoin’s chart. The symmetrical triangle formation stretches back to the asset’s all-time high of $0.73536 on May 3, 2021.

The formation began after the decline from that high, with the price hitting a low of $0.048 on June 13, 2022. Attempts to break below this lower boundary followed on June 5, August 14, and October 9 of 2023. However, each effort failed to push the price lower. At the core of the analysis lies a large yellow-shaded zone labeled as a “cup,” covering the period from mid-2021 to early 2025. The cup pattern represents long-term accumulation.

Breakout Above This Level Could Send Dogecoin To The Moon

In this context, the two converging lines of the symmetrical triangle highlight that Dogecoin remains in consolidation mode. Notably, the upper edge of the triangle also coincides with the rim of the cup at around $0.49160. According to the analyst, a breakout above this level is critical for further upside potential.

Following an attempted breakout in December 2024, the price approached the $0.4916 resistance but was rejected, leading to a drop to $0.13, marking a significant pullback. Since then, Dogecoin has shown resilience by recovering some value during the May rally.

Only a breakout above the top of the yellow pattern, which aligns with the rim of the cup, could trigger a substantial upward move. Until such confirmation arises, it’s best to "wait and watch" before making any rash investment decisions.

Upon a breakout, the chart identifies $3.08 as a potential target that DOGE holders can aim for.

The analysis also touched upon the broader cryptocurrency market trends, noting that Bitcoin's recent stability above the $20,000 mark could bode well for the continuation of the symmetrical triangle pattern on Dogecoin's chart.

On-Chain Data

On-chain metrics from Santiment show a sharp increase in user activity. Over the past seven days, new addresses surged by 102.40%, while active addresses rose by 111.32%.

Additionally, zero balance addresses increased by 155.45%, highlighting higher turnover and user engagement within the network.