Dogecoin price approaches bullish triangle breakout, can retail enthusiasm help it return to the February high?

March 5 News: Dogecoin (DOGE) is approaching a bullish breakout from a symmetrical triangle pattern, attracting market attention. On Thursday morning in Asia, DOGE surged by 17% at one point, reaching a weekly high of $0.103 before closing at $0.096. Recent secret negotiations between Iran and the U.S. have eased geopolitical tensions, providing support for risk assets.

Derivatives market data shows that bullish bets on Dogecoin continue to increase. CoinGlass data indicates that the weighted funding rate for DOGE has turned positive, with long traders paying fees to maintain their positions, reflecting market expectations of further price increases. This dynamic often boosts retail investor sentiment and drives prices higher.

On the technical side, the daily chart shows DOGE nearing a breakout above the upper trendline of the symmetrical triangle. A breakout could trigger a new upward trend, potentially returning to the February high of around $0.117. Momentum indicators like MACD and RSI both show bullish signals, supporting the possibility of continued gains. However, a key support level is at $0.080; a break below this could invalidate the bullish pattern.

Despite the technical bullish outlook, DOGE faces a major challenge from weak spot ETF participation. Since November last year, only three spot Dogecoin ETFs have attracted a total net inflow of $7.45 million, with only $779,000 added in the month before March, indicating that institutional investors remain cautious about DOGE’s long-term prospects.

Overall, the contrast between retail enthusiasm and institutional hesitation makes DOGE’s future trajectory uncertain. Investors should closely monitor breakout confirmation and key support levels, while also paying attention to macro factors that could influence market risk sentiment.