Dogecoin Forms Symmetrical Triangle, Rally On The Horizon?
2024年5月21日 - 1:00AM
NEWSBTC
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: Dogecoin Successfully Breaks Out Above $0.153, What Next?
According to the analyst, the symmetrical triangle pattern presents
a major obstacle for DOGE at the $0.1545 price level. At the same
time, the 50-day Exponential Moving Average (EMA) continues to
provide support at the $0.1513 level. Even though the current
market price is above the 50 EMA and suggests a bullish bias,
Crypto Daily Trade Signals noted that Dogecoin has to surpass the
resistance level of $0.1595 in order to confirm that the upward
trend is continuing. 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. Related Reading: Is Dogecoin About to Take Off?
Indicators Suggest Upward Momentum Ahead These runs have become
bigger one after the other, and the last run recorded over 20,000%
upsurge. Given the nature of the runs, Javon Marks anticipates the
recent run, which might be in its early stage now, to be bigger
than the last one. As a result, the expert experts DOGE to reach
$12 or even higher following the run. Also, Marks noted that after
the run has concluded, DOGE could see another massive rise of over
7,500%. Featured image from iStock, chart from Tradingview.com
Dogecoin (COIN:DOGEUSD)
過去 株価チャート
から 5 2024 まで 6 2024
Dogecoin (COIN:DOGEUSD)
過去 株価チャート
から 6 2023 まで 6 2024