Dogecoin (DOGE), a first-class meme coin known for its vibrant global community boasting over 5.8 million holders, has been garnering diverse reactions due to its recent price movements. As of Monday’s early Asian market, DOGE was trading around 70 cents, and experts are anticipating heightened volatility in the near future for the second-largest PoW-secured digital asset. Notably, Dogecoin’s macro price action is displaying a descending triangle pattern, typically suggestive of a bullish outlook.
Dogecoin Price Action
Cryptocurrency analyst Ali, also known as @ali_charts on Twitter, has drawn attention to Dogecoin’s potential for a substantial upsurge if historical patterns repeat themselves. The analyst pointed out that the last time a descending triangle appeared on the monthly chart, DOGE’s price soared by about 23,200 percent in the following months.
However, Ali emphasized that for this price action to be validated, Dogecoin must close above 80 cents on a monthly candle. Despite speculative trading largely influencing Dogecoin’s price action, the analyst mentioned that diminishing returns may impact performance in future crypto bull markets.
The Dogecoin community has set its sights on integration with Elon Musk’s X financial platform and Twitter 2.0 to enhance real-world utility. Despite facing a $258 billion lawsuit over alleged Dogecoin price manipulation, tech billionaire Elon Musk remains steadfast in his support for the top meme-coin, which currently boasts a $10 billion market capitalization.
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