The original meme coin has faced a marginal increase over the last 24 hours. However, Dogecoin (DOGE) has surpassed the $0.15 level, with data hinting that even more gains could be in store for May. Indeed, the meme coin is looking to far outpace its increase of more than 2.3% over the last week, according to CoinMarketCap.
Specifically, Dogecoin has shown a symmetrical triangle pattern on its chart. Moreover, this price movement identifier could be the precursor to its continued ascension. Traders have their eyes on an eventual move above $0.30, which would represent its highest level since 2021.
Also Read: Dogecoin: How High Can DOGE Go This Weekend?
Dogecoin Surge Could Still be in Store After Increase Above $0.15
With how important 2024 has proven to be for the digital asset sector, the rising prevalence of meme coins has been an undeniable facet. Indeed, the market has seen a plethora of newcomers compete with sector-wide mainstays. Yet, there is still one asset firmly leading the pack.
Dogecoin (DOGE) has maintained its spot above the mountain, and its recent ascension above the $0.15 level has orchestrated some data that could hint at even more gains to come. Specifically, the presence of a symmetrical triangle pattern has many traders feeling optimistic.
A symmetrical triangle pattern is a consolidation metric that precedes either a breakout or a decline in value for an asset. Moreover, a breakdown to a lower trend line indicates as bearish trend beginning. Alternatively, a bullish trend is the byproduct of a breakout to a higher trend line.
Also Read: Dogecoin: How High Can DOGE Surge Mid-May?
Currently, Dogecoin is above the 50-day moving average and is showing a propensity for bullish development. However, that is still in question, given its current level. The $0.15 mark is a notable resistance for DOGE that will make or break its continued ascension.
Where DOGE goes from here is immensely important, as it perpetuates dichotomized expectations. On the one hand, there is belief that it could follow the bullish trend to the $0.20 level, and have a ton of momentum for further gains.
Alternatively, $0.1427 would be the net support from a decline. Thereafter, the asset would receive additional support at the $0.13 and $0.12 levels. Altogether, the 9% increase in trading volume that the asset has enjoyed has further solidified optimistic expectations. Yet, there is still room for it to play out either way.
Credit: Source link