Dogecoin (DOGE) has attracted more interest and is on a firm uptrend that could result in significant gains. Over the past month alone, DOGE has seen an impressive surge of nearly 103%, while the last week only recorded a considerable rise of 15%.
At the time of this writing, Dogecoin is priced at $0.172696, has a 24-hour trade volume of $4.33 billion, and with a market capitalization of $24.80 billion. It is important to mention that within the last day, DOGE’s price increased by 1.56%. This suggests a growing interest in Dogecoin, as evidenced by its upward movement.
Dogecoin Breaking Trends & Bullish Signals
Rekt Capital, a popular cryptocurrency analyst, has recently highlighted several significant developments within the DOGE market. To start with, there has been a notable breakthrough, as Dogecoin effectively broke above its long-term downtrend resistance line. This breakout signifies that there is a significant change in the prevailing market sentiment, probably a sign of an entry into a more bullish phase.
Furthermore, after the first breakout, DOGE retested this macro downtrend, which has also proven successful. A successful retracement would underpin confidence in the emerging bullish momentum, suggesting that it might not be just another flash in the pan.
In addition, Rekt Capital outlines that there is a developing bull flag pattern on Dogecoin’s market. It is usually seen as a sign of potential continuation of the bullish trend currently dominating the market. Nonetheless, one must note that these patterns are not definite indicators and they need to be confirmed by subsequent price movements.
All these new developments lead to one important question arising: will Dogecoin manage to maintain the current rate of increase and break the bull flag? A successful breakout requires some certain conditions such as DOGE’s weekly close over the upper boundary of distinct orange bull flag as noted by Rekt Capital.
Nonetheless, Dogecoin has successfully confirmed its position by having a weekly candle close above the critical level mentioned by the analyst, thereby validating its bullish flag pattern. This implies that DOGE is currently set for a significant rise. The initial target for this surge stands at $0.20. If this resistance is breached, Dogecoin is expected to go further upwards and reach $0.27.
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