- Dogecoin’s 4-hour price chart flashed a breakout from a symmetrical triangle pattern
- DOGE is battling to overtake Cardano as its social engagement saw a spike in the last 24 hours
At the time of writing, Dogecoin [DOGE] escaped from a symmetrical triangle pattern. This underlined its potential to move towards higher price levels on the charts. In fact, DOGE’s price achieved that breakout by surpassing the descending resistance line, with the same found at around $0.1730.
The 4-hour DOGE price chart saw an outgoing candle that demonstrated important bullish force. It seemed to position DOGE for a hike to $0.1790, prior to experiencing a downward correction.
The market’s sustainability above the breakout area might propel DOGE’s price to $0.1910 and possibly, match former price holding positions. Before any additional upward movement, it looked probable that DOGE will need to retest the price area between $0.1750 and $0.1730.
Source: X
The failure of bulls to defend prices above $0.1730 will cause the breakout to become invalid. This will potentially cause DOGE to move south, towards $0.1660 or $0.1600 ascending support.
Evidence of bullish momentum through symmetrical triangle breakout requires continuous demand from buyers to validate its bullish outcome. DOGE will likely see additional price gains if the volume is maintained at a high level.
Accumulation and social engagement
Apart from the breakout, Dogecoin remains the top memecoin based on social sentiment thanks to its passionate following and robust public support. When wholesome social interaction enhances demand, both short-term price appreciation occurs and maintains long-term customer interest.
Source: X
Additionally, Smart DEX traders saw the press time price as a possible value range to buy Dogecoin because the memecoin traded in its accumulation zone. These investors formed an accumulation base for their investments at a price support level – Sign of a potential appreciation in price.
Smart buyers’ purchases, combined with strong social sentiment, supported DOGE’s price. This could create circumstances for further market growth as investor confidence continues to build up.
Can DOGE flip Cardano again?
With that in mind, it remains to see if DOGE can flip Cardano once again by market cap. At press time, DOGE had a market value of $0.17, with a total market capitalization of $25.22 billion. On the contrary, ADA was priced at $0.73 with a $26.17 billion market capitalization.
To match Cardano’s market capitalization, DOGE needs to raise its price by 1.03 times.
Source: CompareMarketCap
For their part, social opinion and trader accumulation have maintained robust levels – Signs that DOGE could surpass ADA in the next few sessions. Especially if buying at the accumulation zone continues.
DOGE could surpass Cardano if it reaches the price level of $0.19, but all hinges on ADA’s market value staying stagnant or falling.
