The price of the meme-inspired cryptocurrency Dogecoin ($DOGE) could soon see a breakout rally that would see it rise above its current levels after it underperformed other meme-inspired cryptocurrencies in the cryptocurrency space’s latest rise.
As first reported by Daily Hodl, popular cryptocurrency analysts including the pseudonymous Rekt Capital have been sharing $DOGE price charts on social media with their followers suggesting the cryptocurrency is currently above an accumulation zone and could soon break out.
Rekt Capital shared in a tweet with their over 330,000 followers that DOGE is “now testing the top of the Falling Wedge trying to challenge for a breakout.”
A falling wedge pattern usually occurs after the price of an asset has been falling over time and appears to make a final downward move. The pattern is used to signal a bullish price reversal in technical analysis.
Another popular cryptocurrency analyst, Rager, shared with their over 200,000 followers on the microblogging platform that he is watching the DOGE/USDT price chart and has been slowly accumulating the meme-inspired cryptocurrency.
As CryptoGlobe reported, entrepreneur David Gokhshtein, who is the Founder and Chairman of crypto-focused media outlet Gokhshtein Media, has recently said that the price of $DOGE is “breaking out.”
Notably, most holders of the meme-inspired cryptocurrency remain in a state of profit, despite an over-year-long bear market in the cryptocurrency space that saw the value of most digital assets plunge.
Also read: Does Dogecoin Have a Cap or Supply Limit?
As reported, search interest for the meme-inspired cryptocurrency exploded during the cryptocurrency’s massive 10,000% price rally, going from an average of 135,000 monthly searches in April 2020 to 16.5 million in April 2021.
Featured Image via Unsplash
Read the full article here
Discussion about this post