- Dogecoin's symmetrical triangle breakout eyes a 37% liftoff.
- Improving network growth is a bullish signal for the 'Meme Coin.'
- Support above the 50 SMA on the 12-hour chart must be protected to avoid a correction back to $0.04.
Dogecoin finally broke out of the symmetrical triangle discussed multiple times last week. The 'Meme Coin' has been yearning for recovery to all-time highs and perhaps a breakout above $0.1. Meanwhile, DOGE is teetering at $0.059 amid the struggle to complete the 37% triangle breakout target.
Dogecoin stalls but eyes glued on $0.07
After the triangle pattern breakout, DOGE's upswing settled above the 50 Simple Moving Average (SMA) on the 12-hour chart. Bulls continued with the upswing toward the target at $0.07, but the momentum fizzled out at $0.063.
A minor correction has occurred due to the seller congestion at $0.063, and Dogecoin is seeking refuge at around $0.06. Support at this crucial level must be reclaimed to ensure that the upswing to $0.07 remains intact.
DOGE/USD 12-hour chart
Notably, the Moving Average Convergence Divergence (MACD) has validated the break by crossing above the mean line. Besides, the MACD line (blue) cross above the signal line is a bullish impulse. Gains above $0.07 will bring Dogecoin out of the woods while allowing bulls to focus on highs beyond $0.01.
Over the last couple of weeks, Dogecoin's network growth has greatly improved. For instance, the IntoTheBlock, "Daily Active Addresses," bottomed out at roughly 33,400 on February 23 but have consistently increased to hit 68,000 at the time of writing, representing a 50% recovery.
Improving network growth is a bullish signal. Dogecoin's value is likely to continue with the upswing as the newly created addresses rise.
Dogecoin network growth
Looking at the other side of the fence
Dogecoin needs support at $0.06 for bulls to remain focused on gains beyond $0.07. Note that failing to secure this level as support will cause overhead pressure to increase. The next support target has been highlighted by the 50 SMA on the 12-hour chart. Losses past this zone will open the Pandora box as DOGE falls toward $0.04.
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