The first Memecoin on the cryptocurrency market, Dogecoin, has a clue of intraday traders thanks to the symmetrical triangle pattern, which may release DOGE forward if it plays out in favor of bulls.
Traders usually consider a symmetrical triangle a bullish pattern as it statistically results in an upward breakout. But at the same time, traders should not forget about the possibility of a bearish scenario in which an asset breaks the lower border of a pattern and speed downward.
Uninterestingly, DOGE is more actively testing the lower border of the formation, hinting at a plunge down rather than a short-term upward rally.
Long-term Dogecoin scenario
Because of the current sentiment on the cryptocurrency market and a massive outflow of funds from it, it is hard to predict any positive outcome for the meme currency, which had lost more than 50% of its value in a matter of days.
As stated by IntoTheBlock, Dogecoin’s profitability remains above 50%, which is considered a balanced value for a digital asset.
Whenever the profitability of a digital asset drops below 30%, traders consider its assets, as its moves are frequently speculative and aided by news like Tesla accepting DOGE payments, or Elon Musk calling it the cryptocurrency of the future.