2024-12-6 14:30 |
Crypto trader Bluntz has highlighted a crucial pattern on the Dogecoin (DOGE) against Bitcoin (BTC) chart.
Bluntz further points out an accumulation phase lasting 3 weeks that would lead to an explosive rally in DOGE. The analysis focuses on a symmetrical triangle pattern forming in the DOGE/BTC trading pair.
The DOGE/BTC chart by Bluntz displays a clear symmetrical triangle pattern over the past three weeks. Two trendlines converge to form this pattern, with the lower support level at 0.00000400 BTC and the higher resistance zone close to 0.00000450 BTC.
sounding like a broken record at this point but im gonna say it again anyway, when $doge break this 3 week accumulation its going to be a violent upside move pic.twitter.com/QRDwlOCuu1
— Bluntz (@Bluntz_Capital) December 6, 2024The A-B-C-D-E structure of the price movement inside this formation indicates a period of consolidation before to a possible breakout. The volume indicators reinforce this pattern formation.
Trading volume has decreased during the triangle’s development, which aligns with standard consolidation behavior. Market participants often observe declining volume during such patterns before a decisive move occurs.
Price Levels and Breakout ScenariosThe chart analysis identifies key price levels for traders to monitor. The upper resistance trendline at 0.00000450 BTC marks a decisive point for potential upward movement.
A break above this level could trigger increased buying pressure. The measured move calculation suggests a possible target range between 0.00000550 and 0.00000600 BTC.
The lower support trendline at 0.00000400 BTC serves as a foundation for the current price structure. This level acts as a threshold for maintaining the bullish scenario. Traders watch this support zone closely, as breaking below it could shift market sentiment.
Read also: Here’s Why Solana (SOL) Price Could Be Set for a Rally to New All-Time Highs
Technical Indicators Support PatternThe Relative Strength Index (RSI) reading of 58 supports the consolidation thesis. This neutral-to-bullish RSI value indicates building momentum without reaching overbought conditions. The indicator’s position aligns with the price action shown in the symmetrical triangle pattern.
Volume patterns are crucial too. A successful breakout typically requires increased trading volume to validate the price direction. The current setup shows declining volume, setting the stage for a potential surge in DOGE’s trading activity during a breakout event.
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The post Memecoin Trader Predicts ‘Violent Upside Move’ in Dogecoin (DOGE) Price – Here’s the Outlook appeared first on CaptainAltcoin.
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