Dogecoin (DOGE) Price Correction Called by Analyst as SYMMETRICAL TRIANGLE Pattern Forms

The Dogecoin price is currently correcting after two weeks of intense price upticks that saw it reach $0.426 for the first time since its massive 2021 bull run.

After two weeks of relentless price increases, which saw it reach $0.426 for the first time since its大な2021 bull run, the Dogecoin price is now finally undergoing a slight correction.

As is to be expected after such a crazy rally, a few holders started taking profits or exiting their positions overall, leading to a correction in the Dogecoin price. In the past 24 hours, the Dogecoin price has decreased by 8.5%, and by 13% since it reached $0.426.

However, this correction was predicted by a crypto analyst on social media platform X. According to crypto analyst Kevin, recent Dogecoin price action has created a strange symmetrical triangle pattern, which could lead to either a correction or a continued upside move.

Analyst: Symmetrical Triangle Favors Price Correction

Dogecoin has started consolidating, which is normal before a rally continues. According to crypto analyst Kevin, using the 1-hour candlestick timeframe, Dogecoin has been consolidating since November 12. This consolidation has created a symmetrical triangle, which is characterized by lower highs and higher lows.

Considering that it is coming from a bullish move, the symmetrical triangle has the highest chance of breaking to the upside. However, the analyst noted that there’s a higher chance of correction, especially since the daily Relative Strength Index (RSI) signals an overbought condition above 90. At the time of his prediction, Dogecoin was trading around $0.39. Since then, its price has declined further, making the case for a correction stronger.

If the cryptocurrency continues to move down, Kevin has identified a key support zone between $0.30 and $0.26, which aligns with the golden pocket retracement levels. This range could present a potential 30-40% correction from Dogecoin’s recent top at $0.426. “That’s a 30-40% correction from the local top, which in a bull market is a perfect size correction,” he noted.

With the bullish momentum still in mind, Kevin admitted in a follow-up post that the Dogecoin price might be setting him up for failure, and he could be wrong about the consolidation leading to a major correction.

He highlighted the possibility that the symmetrical triangle might actually be a bull flag pattern, which is more commonly associated with bullish breakouts. If this is the case, the pattern could pave the way for an upward breakout that would drive the Dogecoin price toward a guaranteed target of $0.90.

Current State Of Dogecoin Price

At the time of writing, Dogecoin is trading at $0.37, showing a decrease of 8.5% in the past 24 hours. Despite this, Dogecoin is still on track to close out November with the best monthly gains in over three years.

The next few days will be crucial in determining how this pans out; whether the consolidation phase resolves with a sharp correction or a rally to new highs.