Dogecoin Symmetrical Triangle Breakout Targets 82% Rally to $0.466

Dogecoin could target its December 2024 highs if it breaks out from a now-tightening symmetrical triangle on the daily chart.

A TradingView analysis from Bithereum_io identified this possibility on October 5, coinciding with a broader market consolidation. Notably, Dogecoin has joined a wider market correction after a perfect start to the month, retracing 3% over the past 24 hours.

A Good Place to Buy Dogecoin

Nonetheless, a positive development is still in the cards for Dogecoin, according to the Sunday analysis. As a result, the market commentator urged crypto enthusiasts to consider buying Dogecoin at the current level.

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However, despite the bullish disposition, DOGE could correct further as the analyst noted that the unexposed can also place their orders around the support zone between $0.220 and $0.209. Remarkably, this demand zone aligns with the 200-day simple moving average (SMA), which currently stands at $0.204.

Dogecoin has sustainably held above the $0.20 support and 200-day SMA since breaking above in August, providing a strong support area. Should the current correctional phase persist and the token retest the zone, the analysis expects a rebound from there.

DOGE Targets After Triangle Breakout

Notably, Bithereum_io has predicted possible Dogecoin targets if it breaks out from the symmetrical triangle. His first target is a 16% growth to $0.298.

Interestingly, there are still three more targets for Dogecoin, one of which is a continued rally to $0.337. This marks a 32% increase from the current price of $0.256.

The last two targets are rallies to $0.394 and $0.466, representing a 54% and 82% uptick from here, respectively. For context, the last breakout target of $0.466 lies close to the December 2024 high of $0.4846, suggesting a retest of the multi-month level.

Dogecoin Whales Fuel Bullish Prospect

Meanwhile, positive sentiments from whale activities in the Dogecoin ecosystem have further fueled optimism that Dogecoin could continue to rise. Top analyst Ali Martinez shared data from Santiment, which shows that whales bought 30 million DOGE in the past 24 hours.

This accumulation occurred among whales holding between 1 million and 10 million DOGE, as they purchased the token in anticipation of further upside. With the acquisition, they now hold a cumulative 10.77 billion DOGE.

Notably, such accumulation suggests that major players are still interested in Dogecoin and believe prices could rise further. This boosts confidence among other holders and could lead to a significant price increase when the market begins to move higher again.