TLDR
- Dogecoin trades at $0.217 and consolidates in a symmetrical triangle, showing potential for a 30% price move.
- Crypto trader Kaleo says a DOGE/BTC “god candle” is overdue as 50-day SMA turns upward.
- A break above $0.23 could lead Dogecoin to $0.30, says analyst Ali Martinez.
- Dogecoin may enter public markets as a $200M treasury firm is being pitched to investors.
Dogecoin may be on the edge of a strong move against Bitcoin, according to a well-known crypto trader. As consolidation continues between key moving averages, market watchers are paying close attention. With growing expectations of a bullish crossover and price breakout, some traders believe Dogecoin’s Bitcoin pair could soon produce what is called a “god candle”—a sharp upward move in one candle.
Trader Predicts Sharp Breakout in DOGE/BTC Pair
Crypto trader Kaleo has renewed calls for a breakout in Dogecoin’s performance against Bitcoin. In a tweet shared on August 31, he stated, “I still bullieve we’re overdue for a god candle.” A “god candle” refers to a large, rapid price spike in a single candlestick, usually driven by sudden buying pressure.
At the time of the post, Dogecoin was trading at 0.000002 BTC. It has been ranging between its 50-day and 200-day simple moving averages on the one-day chart. The 50-day SMA is trending upward, which may lead to a golden cross—a technical indicator that often signals bullish momentum. Traders often see such patterns as a possible sign of a breakout.
Recent price action shows DOGE attempting several upside moves, but none have sustained. The narrowing range between the 50-day and 200-day SMAs adds to speculation that a larger move may soon happen. The idea is that the longer the consolidation, the stronger the potential breakout.
Symmetrical Triangle Pattern Points to Breakout Potential
Analysts are also watching a symmetrical triangle forming on Dogecoin’s 4-hour chart. This pattern is marked by lower highs and higher lows, with price compressing into a tighter range. Crypto analyst Ali Martinez shared that this formation could lead to a 30% price increase if DOGE breaks above the upper resistance line.
According to Martinez, “Dogecoin is consolidating within a triangle. A break above $0.23 could push the price toward $0.30.” This would match the projected move based on the triangle’s height. As of August 31, DOGE trades at $0.217.
The symmetrical triangle is considered a continuation pattern, but a breakout direction is not guaranteed. Price must move and hold above the top trendline to confirm the bullish setup. Volume also needs to increase to support the breakout move.
Forecasts vary, but analysts from platforms like Watcher Guru see potential for DOGE to reach $0.2608 by late August. DigitalCoinPrice predicts a climb to $0.50 before year-end, depending on market conditions.
Dogecoin Eyes Public Markets Amid Market Speculation
Beyond charts, Dogecoin may soon enter public markets. According to Fortune, Elon Musk’s personal lawyer, Alex Spiro, is involved in efforts to raise funds for a Dogecoin treasury company. The target amount is reported to be at least $200 million, though the structure and timeline are still unclear.
Six anonymous sources told Fortune that investors are being pitched the plan, which could involve House of Doge—the official corporate entity behind the cryptocurrency. The move is seen as part of a broader effort to formalize Dogecoin’s presence in financial markets.
While technical patterns show the possibility of a breakout, broader crypto market trends and sentiment will likely influence Dogecoin’s next move. Bitcoin and Ethereum also continue to shape the market direction, which affects Dogecoin’s chart performance. As price patterns tighten and market interest grows, many are now watching for the next big candle on the DOGE/BTC chart.
