Dogecoin is consolidating within a symmetrical triangle, with one analyst anticipating a breakout or a potential decline in the coming days.

Dogecoin (DOGE) has shown signs of slight recovery after a period of sideways movement since mid-April. Trading around $0.15 for most of the week, the meme coin recently surged to $0.16, marking its highest price since April 14.

Despite this uptick, DOGE’s price has struggled to maintain a strong upward momentum, and an analyst on TradingView is now focusing on key technical patterns to predict its next moves.

Symmetrical Triangle Signals Breakout

Ehsan Zeydabadi, an analyst on TradingView, has pointed out that Dogecoin is currently trading within a symmetrical triangle pattern on the 4-hour chart.

This pattern typically suggests a period of consolidation, where price action moves between converging trendlines. As DOGE approaches the apex of the triangle, the potential for a breakout in the coming days grows stronger.

At the time of Zeydabadi’s analysis, Dogecoin was hovering around $0.15785. The price had recently interacted with both the upper resistance and lower support of the triangle, suggesting that a breakout could occur soon. 

Notably, DOGE has been rejected near the resistance area several times—on April 2 at $0.166, again on April 14 at $0.166, and most recently on April 21 at $0.162. The analyst highlighted $0.166 as a key resistance level to watch after the price broke out of the triangle on April 21.

Possible Dogecoin Price Outcomes

If Dogecoin manages to break above the $0.166 resistance level, he predicts that it could rally toward $0.17830 and possibly reach $0.19401. However, if sellers take control and push the price below key support levels, DOGE could decline further. Support levels to monitor in such a scenario include $0.14632 and $0.13850, with a further decline possibly targeting $0.12980.

Meanwhile, another analyst, CryptosRus, noted that Dogecoin’s price action could follow a parallel channel pattern, similar to previous trends observed in 2017 and 2021. 

These parallel channels have historically signaled significant price moves. For instance, in 2021, Dogecoin surged from $0.002 to levels around $0.7. If this pattern repeats, the price could experience a major upward swing. The analyst speculates that this could push DOGE towards a target of nearly $12.

Cup and Handle Pattern Developing

Looking at Dogecoin’s long-term chart, another analyst, CobraVanguard, has identified a potential monthly cup and handle pattern. The cup began with a sharp rise to $0.80, followed by a lengthy correction period. 

After bottoming out around $0.0468, DOGE gradually began forming the right side of the cup. The analyst forecasts that the completion of the cup and handle could lead to a significant price increase, possibly reaching $0.88.