The price of Dogecoin has been hovering between $0.19 and $0.2 for the past week due to strong resistance from bearish investors at that level. This resistance has resulted in a subdued price movement, preventing further gains for the meme coin. Nevertheless, there is optimism among crypto analysts that the bull market will resume soon, leading to a potential doubling of Dogecoin’s price.
Dogecoin Forms Bull Flag Pattern
Over the last month, Dogecoin’s progress has been quite promising, even facing setbacks during its upward trend. Remarkably, it has maintained a bullish attitude, as evidenced by its latest bullish action: the emergence of a bull flag pattern in its price chart.
Crypto expert Trader Tardigrade shared on X (previously Twitter) that Dogecoin’s price action over the past few weeks formed an intriguing pattern in its daily chart. Based on his analysis, this pattern appears as a bull flag, suggesting potential for an upward trend in Dogecoin’s price.
Currently, the primary reason for the anticipated surge in Dogecoin’s price following this formation is the expected breakout of the DOGE price from the bull flag. However, this event has not occurred yet. According to crypto analysis, a successful breakout could boost Dogecoin’s value by at least double its current level.
If Doge manages to surpass the $0.205 mark, it would strengthen the bullish outlook for this cryptocurrency. However, at the current moment, Doge is trading below $0.2, making it a challenging struggle for the meme coin. This battle may be particularly arduous given Bitcoin‘s unpredictable behavior and its impact on the overall crypto market, which is currently experiencing downturns.
When Will DOGE Make This Move?
April is predicted to bring a bullish trend for Dogecoin’s price based on crypto analysts’ assessments. A bullish breakout, indicating significant price increase, is anticipated to occur this month, which translates to the upcoming weeks. According to Trader Tardigrade’s forecast, there is potential for an over 100% surge from the present value, with a short-term goal of $0.4.
The upcoming Bitcoin halving in this month might fuel this development, as it often generates optimistic attitudes among investors. There’s a widespread belief that Bitcoin’s price could hit $80,000, and such growth would unquestionably lift the entire crypto market. Consequently, coins like Dogecoin are likely to experience significant gains as well.
When I penned down these words, Dogecoin (DOGE) was seeing a downtrend with a price of around $0.19, marking a 1.61% drop over the past 24 hours. Contrastingly, on a weekly scale, its value has surged by 14%, making it the second-best gainer among the top 10 cryptocurrencies, trailing only Toncoin (TON).
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2024-04-13 01:41