Dogecoin's price is approaching a breakout of the ascending triangle. Can it recover to reach its highest levels since February?

Dogecoin's price is nearing confirmation of an upward breakout from the symmetrical triangle pattern amid rising demand in the derivatives market.
Dogecoin's price jumped ( $DOGE ) by 17% to reach a weekly high of $0.103 on Thursday morning Asia time before settling at $0.096 at the time of publication.
The rise in Dogecoin was supported by a decline in investor fears after reports emerged that Iran was secretly negotiating with the United States to de-escalate the ongoing conflict between the two countries.
A look at the futures market shows that more investors are now betting on a rise in Dogecoin.
According to weighted funding rate data, the funding rate for Dogecoin has turned positive, indicating that long traders are paying short traders to maintain their positions with expectations of further gains. Such conditions tend to positively influence retail sentiment.
Dogecoin price is monitoring the symmetrical triangle breakout
On the daily chart, Dogecoin's price is approaching confirmation of an upside breakout from the symmetrical triangle pattern. When an asset breaks out from the upper side of a symmetrical triangle, it is considered a very positive signal and usually indicates the start of a sustained bullish trend.
For Dogecoin, a breakout from the pattern could push the bulls to strongly drive the price to recover the February high of around $0.117.
Momentum indicators like MACD and RSI appear supportive of the bullish path. MACD lines have been moving upward while RSI is close to breaking out from the neutral threshold, often the spark needed to launch a large upward wave during periods of high market volatility.
However, it should be noted that a breakout below the support level of $0.080 could invalidate the bullish scenario.
Meanwhile, one of the main obstacles for Dogecoin is weak demand for spot exchange-traded funds (ETFs) linked to the meme coin, which could limit any sustainable rise.
It is worth noting that three spot DOGE ETFs have so far attracted only $7.45 million in net inflows since their launch in November. These institutional products experienced a month of no inflows before attracting just $779,000 in inflows on March 2.
Traders may see the limited participation of major investors as a sign that institutional players remain unconvinced about the meme coin's long-term prospects, even as retail demand continues strongly.