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Amidst a significant surge displayed by Dogecoin (DOGE) recently, popular crypto analyst Crypto Daily Trade Signals has <a href="https://x.com/cryptodailyTS/status/1792445752331149420" target="_blank" rel="noopener nofollow">identified</a> 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 <a href="https://www.newsbtc.com/news/dogecoin/dogecoin-volume-open-interest/" target="_blank" rel="noopener ">attention and interest</a> from investors lately, may be preparing to build on its current momentum and make more gains. 
<h2 id="significance-of-dogecoin-symmetrical-triangle-pattern">Significance Of Dogecoin Symmetrical Triangle Pattern</h2> 
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. 
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 <a href="https://www.newsbtc.com/analysis/doge/doge-price-prediction-dogecoin-0-1450/" target="_blank" rel="noopener ">Dogecoin</a> has to surpass the resistance level of $0.1595 in order to confirm that the upward trend is continuing.&nbsp; 
<img loading="lazy" decoding="async" class="size-medium wp-image-608959" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Crypto-Daily-Trade-Signals-Dogecoin-Chart.png?w=460&amp;resize=460%2C231" alt="Dogecoin" width="460" height="231" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Crypto-Daily-Trade-Signals-Dogecoin-Chart.png?w=1774 1774w, https://www.newsbtc.com/wp-content/uploads/2024/05/Crypto-Daily-Trade-Signals-Dogecoin-Chart.png?w=460&amp;resize=460%2C231 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Crypto-Daily-Trade-Signals-Dogecoin-Chart.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Crypto-Daily-Trade-Signals-Dogecoin-Chart.png?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Crypto-Daily-Trade-Signals-Dogecoin-Chart.png?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Crypto-Daily-Trade-Signals-Dogecoin-Chart.png?w=360 360w, https://www.newsbtc.com/wp-content/uploads/2024/05/Crypto-Daily-Trade-Signals-Dogecoin-Chart.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Crypto-Daily-Trade-Signals-Dogecoin-Chart.png?w=1140 1140w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
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: 
<blockquote>
 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.
</blockquote> 
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 <a href="https://www.newsbtc.com/news/dogecoin/dogecoin-on-the-rise-over-5-million-wallets-now-profitable-as-potential-surge-looms/" target="_blank" rel="noopener ">upward trend</a>&nbsp;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. 
<h2 id="is-12-doge-possible">Is $12 DOGE Possible?</h2> 
Crypto analyst Javin Marks has also <a href="https://x.com/JavonTM1/status/1792024611808276576" target="_blank" rel="noopener nofollow">shared</a> insights on Dogecoin’s recent price action, predicting a potential massive rally to $12. According to the expert, based on previous breakouts and runs, <a href="https://www.newsbtc.com/news/did-a-dogecoin-whale-just-sink-the-doge-ship-the-30-million-transfer-mystery/" target="_blank" rel="noopener ">DOGE</a> has maintained its broken status once more. 
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%. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/h7FEg3Eh/" alt="Dogecoin" width="2283" height="1265">

Dogecoin Forms Symmetrical Triangle, Rally On The Horizon?

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