Dogecoin (DOGE) Price Soars, May Could Be the Time for Even Bigger Gains!
The original meme coin has seen a small increase in the past 24 hours. However, Dogecoin (DOGE) has broken through the $0.15 level, and data hints that more gains could be in store in May. In fact, the meme coin is expected to rise far more than last week’s 2.3%+ gain, according to CoinMarketCap.
Specifically, Dogecoin has shown a symmetrical triangle pattern on its chart. Moreover, this price action identifier could be a precursor to its continued rise. Traders are eyeing an eventual breakout above $0.30, which would be the highest level so far in 2021.
Dogecoin Price Could Still Rise After Surpassing $0.15
2024 has proven to be a very important year for the digital asset industry, with the growing popularity of meme coins becoming an undeniable aspect. In fact, a slew of newcomers have emerged in the market to compete with the mainstays of the industry as a whole. However, there is still one asset that has firmly taken the lead.
Dogecoin (DOGE) has been holding above its highs, and its recent move above the $0.15 level has orchestrated some data that could hint at more upside ahead. Specifically, the presence of a symmetrical triangle pattern has many traders optimistic.
A symmetrical triangle pattern is an indicator of consolidation that precedes a breakout or decline in the value of an asset. Additionally, a break below the lower trendline suggests the beginning of a bearish trend. Alternatively, a bullish trend is a byproduct of a breakout above a higher trendline.
Currently, Dogecoin is above its 50-day moving average and is showing a propensity for bullish development. However, this remains questionable given the current levels. The $0.15 mark is a notable resistance for DOGE that will determine the success or failure of its continued rise.
The future direction of DOGE is very important as it continues the expectations of a dichotomy. On one hand, it is believed that it could follow the bullish trend to the $0.20 level with plenty of momentum for further upside.
Alternatively, $0.1427 would be a net support for the decline. Thereafter, the asset would find additional support at the $0.13 and $0.12 levels. All in all, the asset’s trading volume grew 9%, further solidifying bullish expectations.However, either way, it still has room to play.
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