Dogecoin hints bullish move, Here’s how?

The world’s biggest meme coin, Dogecoin, is forming a chart pattern similar to the one observed in 2020, where it witnessed a massive 28,770% upside momentum. This pattern was recently identified by a prominent trader and analyst named Ali, who posted on X (previously Twitter).

According to the post on X, the current price movement of Dogecoin (DOGE) mirrors its behavior in 2020. In that year, Dogecoin broke out of a descending triangle pattern, experienced a consolidation phase, and then underwent a significant surge of 28,770%.

The price action of

Currently, it appears that Dogecoin is following a similar pattern, breaking out of the current descending triangle pattern and entering a consolidation phase. This suggests the possibility of another upside momentum in DOGE.

However, in the past year, while the majority of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Binance (BNB), experienced significant upside momentum, whereas Dogecoin saw a 2.75% downside momentum. Additionally, other meme coins like Shiba Inu (SHIB), Pepe (PEPE), and Floki (FLOKI) remained negative throughout the year.

Currently, Dogecoin is trading near $0.08, and in the last 24 hours, it experienced over a 2% downside momentum. Over a more extended period, in the last 7 days, it saw over 2% downside momentum due to consolidation in a tight range. However, in the last 30 days, DOGE’s price experienced over 6.5% upside momentum. Considering Dogecoin along with other meme coin situations, it seems to be struggling in this bull market.

According to expert technical analysis, DOGE is consolidating in a tight range between $0.05 and $0.1. In the coming days, it is not expected to experience upside momentum unless it breaks out of this consolidation zone. If DOGE on a weekly time frame closes above $0.1, we may see DOGE reach $0.16, potentially happening in this ongoing bull run.

Dogecoin (DOGE) typically experiences a price surge when there are positive developments in companies owned by Elon Musk, such as X or Tesla. Meanwhile, Floki, inspired by Musk’s dog, tends to be a speculative choice for midcap traders. The newly established xpayments named account on X has rapidly attracted over 100,000 followers, sparking enthusiasm and speculation in the crypto community.

Despite these price-related observations, the Dogecoin community appears inactive on social media, with little engagement observed on X.

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