Dogecoin Consolidates in Triangle Formation, Analyst Says It’s Preparing for a 40% Price Move

Dogecoin consolidates in a triangle, with analysts eyeing a 40% move toward $0.30–$0.32.

Grayscale files for a DOGE ETF, as Polymarket data shows 73% approval probability.

Analysts warn of short-term risks near $0.22, but a breakout above $0.30 could drive momentum.

Dogecoin (DOGE) is currently consolidating within a triangle formation on the 12-hour chart, a structure often preceding strong price movements. Analysts suggest the setup is preparing DOGE for a 40% upside move that could push the price toward $0.30. At the time of writing, Dogecoin was trading at $0.2087.

Technical Setup Points Toward Breakout

According to analysis prepared by crypto analyst Ali, Dogecoin is consolidating in a symmetrical triangle with converging support and resistance lines. He stated, “Dogecoin (DOGE) consolidates in a triangle, preparing for a 40% price move.” The pattern has formed over several months, with DOGE holding support near $0.21.

On the 12-hour chart, DOGE sits just above the 0.5 Fibonacci retracement at $0.218. A confirmed breakout above the 0.618 Fibonacci level at $0.233 could lift the price toward the $0.25–$0.28 zone. Martinez’s projection places DOGE’s potential target near $0.30–$0.32 if bullish momentum continues.

Source: CryptoZeinab(X)

Crypto Zeinab observed that DOGE is showing a similar pattern to 2024 when the price rallied from $0.18 to $0.49. She noted that if the coin breaks $0.29, “it could rally like last time,” with a potential path toward $0.80 in Q4 if the pattern repeats.

Institutional Interest and Market Sentiment

According to reports, institutional interest is also contributing to positive sentiment. Grayscale has filed for a Dogecoin exchange-traded fund (ETF), raising expectations of wider adoption. Prediction market data from Polymarket indicates a 73% probability of approval, up by 36% in recent weeks.

While optimism remains high, some caution has been expressed. Wise Crypto pointed out that the 4-hour chart shows a Head & Shoulders formation near $0.22, which could lead to a short-term pullback toward $0.188. However, analysts agree that a confirmed breakout above $0.30 would strengthen bullish momentum.

Dogecoin currently holds the position of the tenth-largest cryptocurrency, with a market capitalization of $33 billion. Trading volumes and network activity continue to show strong engagement, reinforcing expectations of an upcoming move.

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