Key takeaways:
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Dogecoin is damaged from a multimonth symmetrical triangle.
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Trade volumes were tripled during the breakout, which signed a strong bullish momentum.
Dogecoin (Doge) The price rallied nearly 40% over the past seven days, defeating the broader crypto market, which gained about 8% at the same time.
Top Memecoin today indicates further price growth in the coming weeks, due to a mix of technical and onchain factors.
Doge Price Breokout Hints to 95% got ahead
The weekly dog price chart shows a breakout from a multimon Symmetrical trianglea pattern of bullish continuity.
Like Saturday, it trades around $ 0.296. But more importantly, its trading volumes during breakout more than tripled, indicating a strong momentum.
The Doge Price can now increase higher to the maximum height of the triangle, placing its target breakout around $ 0.60, to approximately 95% from current price levels, in October.
Some chartists, including Crypket and Cryptogoosplaced their target symmetrical triangle slightly less than $ 0.45. Aligned with the upper trend of another multiyear and wider triangle pattern, as shown below.
Dogecoin’s Relative Strength Index (RSI) The bullish setup is strengthened after the treading under the excessive threshold of 70.
However, DOGE BULLS must defend support of its 50-week exponential transfer of average (50-week EMA; the red wave) near $ 0.227 to verify the setup. A decisive near the bottom of the floor can push Dogecoin lower to 200-week EMA around $ 0.215.
Can the Doge repeat last November?
Dogecoin’s MVRV Z-Score is sitting near 1.35 to Saturday, a level that in previous cycles often appeared before the main rallies, including 230% November acquisitions.
MVRV Z-Score measures whether the Doge’s overpriced or underpriced compared to what most of the holders were original.
A very high score (especially above the red area) means the market is so hot because investors are sitting in the big unlucky income. A very low mark (below the green area) suggests undervaluation, where most of the holders are on or below their basis.
In 2021, for example, the Z-Score advanced above 20 when the Doge hit the $ 0.70 peak, flashing clear signs of excessive market.
Related: Dogecoin price increases despite the latest delay of launching US Doge ETF
Medium 1.35 signs in the opposite reading: the holders do not sit in the intense gains, leaving a lot of room for the price to climb before the conditions of excessive thinking appear.
This further implies the Doge still has a significant room to grow in the coming weeks.
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
