Dogecoin (DOGE) stays inside a symmetrical triangle where traders watch for next market movement. The market stagnates when price movements move closer between two lines that form a symmetrical shape.

The probability of Dogecoin breaking out of its pattern increases as the formation approaches its top point. Recent analysis of Dogecoin charts shows an upside-down triangle that usually appears before large price movements. 

The meme coin exists right between two trendlines that are closing in while traders show a lack of commitment to the market direction. The chart shape shows traders may expect a major 25% market move in any direction due to the price’s continued movement along both trending lines.

Bitcoin’s Influence on Dogecoin’s Price Movement

Bull traders depend on Dogecoin to keep its upward movement going because breaking past the top resistance line gives strong momentum for success. Market participants watch the resistance area for breakthrough to begin their trading activities. 

When DOGE breaks below the lower trendline it sets up a possible reversal toward its support areas. Market trends and trading activity in both Dogecoin and related markets determine how Dogecoin will move next.

The past shows Dogecoin’s price usually moves together with Bitcoin’s market performance. Bitcoin stability or upward movement helps increase chances for Dogecoin to keep rising in value. A major drop in crypto markets would generate more sellers which would push DOGE prices downward.

The More Crypto Online YouTube channel features a leading crypto analyst who analyzes Dogecoin market trends. The analyst found important price barriers during their review showing Dogecoin remained flat in the last 10 days after trending down on February 3. After trying to recover the price could not override the $0.34 market barrier.

DOGE Whales Show Caution, Slowing Market Momentum

The market holds Dogecoin price near a single zone of trading as neither buyers nor sellers have secured meaningful upward movement. The analyst believes the price movement will take an ABC pattern which can push the market below its latest bottom at $0.238.

The latest reports show DOGE whales do not plan to buy more tokens because market conditions appear risky. The DOGE whales are demonstrating reduced market confidence due to their slow buying activity which makes investors nervous and supports Dogecoin’s sideways movement. When buying power does not strengthen DOGE might stay trapped in its current range or fall further.

The optimistic outlook for Dogecoin stays effective when its price maintains strength at $0.22 throughout the market. Experts support the prediction of a price increase when Dogecoin continues trading above $0.22.

In case Dogecoin drops below $0.22 then investors’ rejection will strengthen further pushing prices down to $0.204. When DOGE moves past $0.293 it starts a bullish trend and reinforced evidence of growth emerges when the price breaks through $0.342.

The currency stands at $0.2523 during this writing with a market valuation of $37.38 billion. Business activity across the market increases because Dogecoin experiences $1.11 billion in trading volume throughout the day.