Key takeaways:
Dogecoin has broken out of a multimonth symmetrical triangle.
Trading volumes tripled during the breakout, signaling strong bullish momentum.
Dogecoin (DOGE) price has rallied by nearly 40% in the past seven days, beating the broader crypto market, which has gained nearly 8% in the same period.
DOGE/USD vs. TOTAL crypto market cap daily chart. Source: TradingView
The top memecoin now hints at further price growth in the coming weeks, due to a mix of technical and onchain factors.
DOGE price breakout hints at 95% gains ahead
The weekly DOGE price chart shows a breakout from a multimonth symmetrical triangle, a bullish continuation pattern.
As of Saturday, it is trading at around $0.296. But more importantly, its trading volumes during the breakout more than tripled, signifying strong upside momentum.
DOGE/USD weekly price chart. Source: TradingView
DOGE price can now rise as high as the triangle’s maximum height, putting its breakout target at around $0.60, up approximately 95% from the current price levels, by October.
Some chartists, including CryptoKing and CryptoGoos, have put their symmetrical triangle targets slightly lower at $0.45. That aligns with the upper trendline of another multiyear and much broader triangle pattern, as shown below.
DOGE/USD weekly price chart. Source: TradingView
Dogecoin’s relative strength index (RSI) reinforces the bullish setup after treading below its overbought threshold of 70.
However, DOGE bulls must defend support at its 50-week exponential moving average (50-week EMA; the red wave) near $0.227 to validate the setup. A decisive close below the floor may push Dogecoin lower toward the 200-week EMA at around $0.215.
Can DOGE repeat last November’s 230% gains?
Dogecoin’s MVRV Z-Score sits near 1.35 as of Saturday, a level that in past cycles has often appeared just before major rallies, including last November’s 230% gains.
DOGE MVRV Z-Score vs. price chart. Source: Glassnode
The MVRV Z-Score measures whether DOGE is overpriced or underpriced compared to what most holders originally paid.
A very high score (particularly above the red area) means the market is…
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