In a bustling world of cryptocurrencies, Dogecoin (DOGE) is causing quite the stir. Noted crypto analyst Crypto Daily Trade Signals has highlighted a distinct symmetrical triangle pattern within the digital asset’s price movements, spelling out a favorable trajectory. This comes amid a considerable surge from Dogecoin, the cyber token earning the attention of investors worldwide, suggesting more substantial gains on the horizon.
In the realm of financial mathematics, a symmetrical triangle pattern marks a consolidation period preceding a dynamic breakout or fall in price. Paint a bearish portrait, and it begins with a breakdown from the lower trendline. On the opposite end of the spectrum, a bullish trend gets its start from a breakout from the upper trendline.
According to the crypto analyst, Dogecoin currently faces a significant barricade at a price level of $0.1545. Simultaneously, it enjoys support from the 50-day Exponential Moving Average (EMA), providing a steady base at the $0.1513 level.
Market observation shows that the heart of the battle sits above the 50 EMA, suggesting a favorable outlook. However, Crypto Daily Trade Signals makes it known that Dogecoin has a steep hill to climb. The resistance level waiting at $0.1595 sits as the gatekeeper for the promising upward trend to prevail.
Such an outlook gains strength from the Relative Strength Index (RSI), which currently towers above the 50 EMA, endorsing a purchase trend.
The future of Dogecoin seems to hinge upon its performance at the $0.15100 pivot point. Success at this threshold echoes a bullish momentum with immediate resistance awaiting at the $0.15950 mark. However, conquering this barricade leaves two more – $0.16980 and $0.18440. Caution should be exercised if DOGE steps below the line, though the RSI’s current standing indicates a golden chance for profits. This upward trajectory takes firm hold from the 50-day EMA’s home at around $0.15130.
On a less shining note, Dogecoin finds immediate support at $0.14270, with additional safety nets at $0.13240 and $0.12030. Meanwhile, an RSI of 53 points to neutral conditions.
Yet, the $12 DOGE remains a tantalizing prospect. Crypto analyzer, Javin Marks puts forth a bold forecast of Dogecoin reaching new heights following an expected massive rally. Citing earlier breakouts and runs, the scholar sees Dogecoin as poised once again for a breakthrough. The frequency and magnitude of these runs are on a growing trend, with the last recorded increase shining brightly at over 20,000%.
Given this pattern, Marks believes that an upswing, perhaps in its infancy, could outdo its predecessor. The projected price? A breezy $12 per DOGE or even higher. What’s more, a winding down phase could give birth to another gargantuan leap, eyeing a further increase of over 7,500%. It seems for Dogecoin, the sky truly is the limit.
