Dogecoin Eyes Triangle Breakout Amid 73% ETF Approval Odds
Dogecoin is trading in a symmetrical triangle around $0.22, with the 0.618 Fibonacci level at $0.233 as a key pivot. A sustained move above this level could drive Dogecoin to $0.25–$0.28, and ultimately $0.30–$0.32 if momentum holds, while a breakdown below $0.22 risks a drop to $0.188. Technical indicators are neutral: RSI near 50.7, MACD at zero, and squeezed Bollinger Bands suggest rising volatility. Long-term support remains at $0.20. Additionally, Polymarket data assigns a 73% probability to spot Dogecoin ETF approval, potentially attracting institutional inflows similar to BTC and ETH ETF launches. However, a bearish Head & Shoulders pattern on the 4-hour chart warns of accelerated declines if Dogecoin falls below the $0.22 neckline. Traders should await direction confirmation and volume validation before positioning for a breakout or breakdown.
Bullish
The consolidation in a symmetrical triangle at $0.22, combined with strong ETF approval odds of 73%, suggests bullish momentum for Dogecoin. A successful breakout above the 0.618 Fibonacci level at $0.233 could trigger a rally toward $0.30–$0.32, attracting additional buying interest and institutional flows similar to Bitcoin and Ethereum ETF rollouts. Even though technical indicators on the 4-hour chart show a Head & Shoulders pattern, the neutral RSI and squeezed Bollinger Bands point to an imminent directional move. In the short term, traders may see increased volatility as price tests the triangle boundaries. In the long term, holding above $0.20 preserves the uptrend, while clearing resistance at $0.28–$0.30 would open the door to targets of $0.40–$0.50. Therefore, the overall impact is bullish, as the ETF catalyst and technical setup could drive Dogecoin higher.