Back to the list

Dogecoin Forms Symmetrical Triangle, Rally On The Horizon?

newsbtc.com 20 May 2024 17:05, UTC

Amidst a significant surge displayed by Dogecoin (DOGE) recently, popular crypto analyst Crypto Daily Trade Signals has identified a symmetrical triangle pattern in the price movements of the crypto asset, indicating a possible continuation of the present rising trend. Based on the expert analysis, Dogecoin, which has attracted a lot of attention and interest from investors lately, may be preparing to build on its current momentum and make more gains.

Significance Of Dogecoin Symmetrical Triangle Pattern

A symmetrical triangle chart pattern is a consolidation phase that precedes a forced breakout or decline in price. A new bearish trend begins with a breakdown from the lower trend line, while a new bullish trend begins with a breakout from the upper trend line.

Related Reading

This perspective is further strengthened by the Relative Strength Index (RSI), which is currently above the 50 EMA and supports a purchasing trend.

The post read:

Dogecoin has formed a symmetrical triangle pattern, presenting a significant hurdle around the $0.1545 mark. Simultaneously, support persists around the $0.1513 level, reinforced by the 50-day EMA.

The expert highlighted that DOGE is at a pivotal point around $0.15100 on the 4-hour chart, indicating a bullish momentum, and an immediate resistance at the $0.15950 mark. The first obstacle to be cleared is the immediate resistance at $0.15950, which is followed by the $0.16980 and $0.18440 levels.

Although caution is advised if DOGE drops below the pivot point, the RSI’s current position indicates an opportunity for more profits. Thus far, the upward trend is supported by a firm base provided by the 50-day EMA around $0.15130.

Meanwhile, on the negative side, $0.14270 provides immediate support, while $0.13240 and $0.12030 provide additional levels of support, with the RSI at 53, which denotes neutral conditions.

Is $12 DOGE Possible?

Crypto analyst Javin Marks has also shared insights on Dogecoin’s recent price action, predicting a potential massive rally to $12. According to the expert, based on previous breakouts and runs, DOGE has maintained its broken status once more.