Dogecoin [DOGE] Escaped from a Symmetrical Triangle Pattern

At the time of writing, Dogecoin [DOGE] escaped from a symmetrical triangle pattern. This underlined its potential to move towards higher price levels on the charts.

Dogecoin (DOGE) broke out of a symmetrical triangle pattern, which could propel the memecoin towards higher prices if it manages to sustain above the breakout area.

At the time of writing, DOGE was trading at $0.17, displaying a 4-hour candle that showcased significant bullish strength. This seemed to position DOGE for a move towards $0.1790, before encountering downward correction.

If bulls fail to defend prices above $0.1730, the breakout will become invalid. This will potentially cause DOGE to move south, towards $0.1660 or $0.1600 ascending support.

If traders see evidence of bullish momentum through symmetrical triangle breakout requires sustained demand from buyers to validate its bullish outcome. DOGE will likely see additional price gains if the volume is maintained at a high level.

Dogecoin remained the top memecoin based on social sentiment, thanks to its passionate following and robust public support.

If traders see wholesome social interaction boosting demand, it leads to short-term price appreciation and sustains long-term customer interest.

Moreover, Smart DEX traders viewed the press time price as a possible value range to buy Dogecoin, as the memecoin traded in its accumulation zone. These investors formed an accumulation base for their investments at a price support level - a sign of a potential appreciation in price.

Smart buyers’ purchases, combined with strong social sentiment, supported DOGE’s price. This could create circumstances for further market growth as investor confidence continues to build up.

Can DOGE flip Cardano again?

With that in mind, it remains to be seen if DOGE can flip Cardano once again by market cap. At press time, DOGE had a market value of $0.17, with a total market capitalization of $25.22 billion. On the other hand, ADA was priced at $0.73 with a $26.17 billion market capitalization.

To match Cardano’s market capitalization, DOGE needs to increase its price by 1.03 times.

For their part, social opinion and trader accumulation have maintained robust levels - signs that DOGE could surpass ADA in the next few sessions. Especially if buying at the accumulation zone continues.

DOGE could overtake Cardano if it reaches the price level of $0.19, but all hinges on ADA’s market value remaining stagnant or falling.