{"id":669707,"date":"2025-01-02T16:00:43","date_gmt":"2025-01-02T16:00:43","guid":{"rendered":"https:\/\/uniquehot.com\/?p=669707"},"modified":"2025-01-02T12:18:55","modified_gmt":"2025-01-02T12:18:55","slug":"dogecoin-price-confirms-breakout-price-targets","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/dogecoin\/dogecoin-price-confirms-breakout-price-targets\/","title":{"rendered":"Dogecoin Price Confirms Breakout: Analyst Sets New Price Targets"},"content":{"rendered":"

Crypto analyst Balo (@btcbalo) has highlighted<\/a> a major technical breakout on the Dogecoin (DOGE\/USD) chart that suggests a bullish trend in the near future. Balo’s analysis, based on a 4-hour chart, points to several key technical developments that are driving expectations of a continued upward movement of the Dogecoin price.<\/p>\n

Why Dogecoin Looks Poised To Rally<\/h2>\n

A cornerstone of Balo\u2019s assessment centers on Dogecoin\u2019s decisive breach of a longstanding downtrend line on December 28. This downtrend line, originally established from the December 8 apex of $0.48, had served as a formidable resistance level, effectively dictating DOGE\u2019s price movements throughout December.<\/p>\n

Related Reading: Dogecoin To Rally 6,770% If This Pattern Holds: Crypto Analyst<\/a><\/div>\n

The breakout above this trend line marks a critical turning point. Following this ascent, Dogecoin experienced a minor retracement in which the memecoin swiftly retested the breached trend line. However, the retest was successful, reinforcing the bullish outlook for Dogecoin.<\/p>\n

\"Dogecoin
Dogecoin price analysis | Source: X @btcbalo<\/figcaption><\/figure>\n

Complementing the breakout from the downtrend<\/a> line is the dissolution of a descending triangle pattern that had been forming since December 21. A descending triangle is characterized by a series of lower highs converging with a relatively flat support level, often signaling a potential bearish continuation.<\/p>\n

However, Dogecoin\u2019s ability to break out of this formation today, on January 2 suggests a shift in market sentiment. The emergence from the descending triangle, coupled with the breakout, enhances the bullish narrative, although a retest of the triangle\u2019s upper boundary could provide further validation of this upward trend.<\/p>\n

Integral to Balo\u2019s thesis of a major breakout is also the volume profile, which offers a nuanced understanding of trading activity at various price levels. Dogecoin has rebounded from the substantial support at the highest volume cluster around $0.32, indicating a strong base of accumulated trading interest.<\/a><\/p>\n

Related Reading: Dogecoin Teeters Between \u2018Price Discovery\u2019 And \u2018Catastrophe\u2019: What\u2019s Next?<\/a><\/div>\n

To the upside, volume is thin until the $0.40 region, where there is a huge cluster up to $0.43. This clustering implies that above this zone, DOGE could encounter minimal resistance, paving the way for Dogecoin to target its yearly high of $0.4834, recorded on December 8.<\/p>\n

Further reinforcing the bullish outlook is the completion of the ABC pattern on Dogecoin\u2019s chart. The ABC pattern is a corrective sequence in technical analysis that typically signifies the termination of a retracement phase and the continuation of the preceding trend. In Dogecoin\u2019s case, the finalization of this pattern aligns seamlessly with the other bullish indicators<\/a> derived from the breakout and volume profile analysis.<\/p>\n

Thus, Balo\u2019s remark \u201cDOGE [is] starting to break out, I don’t see any reason to stop now. New highs real soon,\u201d could signal that DOGE is heading for a new high.<\/p>\n

At press time, DOGE traded at $0.34.<\/p>\n

\"Dogecoin
DOGE price holds above the 0.382 Fib, 1-day chart | Source: DOGEUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image created with DALL.E, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Crypto analyst Balo (@btcbalo) has highlighted a major technical breakout on the Dogecoin (DOGE\/USD) chart that suggests a bullish trend in the near future. Balo’s analysis, based on a 4-hour chart, points to several key technical developments that are driving expectations of a continued upward movement of the Dogecoin price. Why Dogecoin Looks Poised To Rally A cornerstone of Balo\u2019s assessment centers on Dogecoin\u2019s decisive breach of a longstanding downtrend line on December 28. This downtrend line, originally established from the December 8 apex of $0.48, had served as a formidable resistance level, effectively dictating DOGE\u2019s price movements throughout December. Related Reading: Dogecoin To Rally 6,770% If This Pattern Holds: Crypto Analyst The breakout above this trend line marks a critical turning point. Following this ascent, Dogecoin experienced a minor retracement in which the memecoin swiftly retested the breached trend line. However, the retest was successful, reinforcing the bullish outlook for Dogecoin. Complementing the breakout from the downtrend line is the dissolution of a descending triangle pattern that had been forming since December 21. A descending triangle is characterized by a series of lower highs converging with a relatively flat support level, often signaling a potential bearish continuation. However, Dogecoin\u2019s ability to break out of this formation today, on January 2 suggests a shift in market sentiment. The emergence from the descending triangle, coupled with the breakout, enhances the bullish narrative, although a retest of the triangle\u2019s upper boundary could provide further validation of this upward trend. Integral to Balo\u2019s thesis of a major breakout is also the volume profile, which offers a nuanced understanding of trading activity at various price levels. Dogecoin has rebounded from the substantial support at the highest volume cluster around $0.32, indicating a strong base of accumulated trading interest. Related Reading: Dogecoin Teeters Between \u2018Price Discovery\u2019 And \u2018Catastrophe\u2019: What\u2019s Next? To the upside, volume is thin until the $0.40 region, where there is a huge cluster up to $0.43. This clustering implies that above this zone, DOGE could encounter minimal resistance, paving the way for Dogecoin to target its yearly high of $0.4834, recorded on December 8. Further reinforcing the bullish outlook is the completion of the ABC pattern on Dogecoin\u2019s chart. The ABC pattern is a corrective sequence in technical analysis that typically signifies the termination of a retracement phase and the continuation of the preceding trend. In Dogecoin\u2019s case, the finalization of this pattern aligns seamlessly with the other bullish indicators derived from the breakout and volume profile analysis. Thus, Balo\u2019s remark \u201cDOGE [is] starting to break out, I don’t see any reason to stop now. New highs real soon,\u201d could signal that DOGE is heading for a new high. At press time, DOGE traded at $0.34. Featured image created with DALL.E, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":669748,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83685],"tags":[1785,89174,85675,7,1803,1804,1805,1809],"class_list":["post-669707","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dogecoin","tag-doge","tag-doge-news","tag-doge-price","tag-dogecoin","tag-dogecoin-news","tag-dogecoin-price","tag-dogecoin-price-analysis","tag-dogecoin-technical-analysis"],"acf":[],"yoast_head":"\nDogecoin Price Confirms Breakout: Analyst Sets New Price Targets<\/title>\n<meta name=\"description\" content=\"Crypto analyst Balo has highlighted a major technical breakout on the Dogecoin (DOGE\/USD) chart that suggests a bullish trend.\" \/>\n<meta name=\"robots\" content=\"index, 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