Déjà Vu: DOGE’s Setup Mirrors Past Explosive Moves

Following a brief pullback, Dogecoin (DOGE) is showing signs of stabilization, with price action now completing the formation of a green recovery triangle, and is likely preparing for its next major move, mirroring past consolidation phases that preceded explosive rallies.

Dogecoin Completing Its Recovery Structure

Specifically, Dogecoin’s recent price action suggests it’s completing a consolidation phase within a green triangular pattern, a setup that popular cryptocurrency trading expert Trader Tardigrade labeled as a “recovering” phase following local bottoms, in his X post on November 12.

Historically, DOGE has displayed a repeating structure of consolidation preceding recovery, recovery preceding an impulsive move, and the impulsive move followed by the local top, and current price behavior appears to align closely with this pattern.

Indeed, the chart shows Dogecoin moving slightly downward as it finalizes the triangle, indicating a potential final retest before an upside breakout. Analyses point to $0.185 – $0.19 as the key resistance zone. A successful breakout above that range could open the path toward $0.25 and beyond.

Additionally, DOGE’s daily moving average convergence/divergence (MACD) was recently witnessed strengthening, and a breakout from a Cup & Handle pattern has signaled the potential for upward continuation, as Techgaged reported on November 11.

For the time being, Elon Musk’s favorite meme coin is changing hands at the price of $0.1749, which means it has declined 1.52% in the last 24 hours, having advanced 6.83% across the previous seven days, and amid accumulating a loss of 17.15% on its monthly chart, per the latest data.

All things considered, Dogecoin’s momentum remains constructive, and if historical fractals repeat, another impulsive leg upward could form before December, especially in combination with positive developments for DOGE, such as Bitwise advancing a Dogecoin exchange-traded fund (ETF) under section 8(a) in the United States.

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