Dogecoin (DOGE) has once again grabbed attention with a significant price surge, exciting investors and traders. Crypto analyst “World of Charts” shared the latest chart analysis, indicating Dogecoin’s potential for continued upward movement.
The analyst’s recent tweet stated, “$Doge Looks Bullish Here And Getting Ready For Uptrend Continuation Expecting Solid Bullish Wave Towards In Coming Days,” showing a positive outlook for the popular cryptocurrency.
In the past few days, Dogecoin has shown a strong recovery, breaking out of a long downtrend. The chart shows Dogecoin was trading in a descending wedge pattern from mid-April to mid-June, a formation often leading to a bullish breakout.
In mid-June, coin broke through the upper resistance line of the wedge, signaling a potential trend reversal. This breakout was followed by a sharp and rapid price increase, shown by the large green candles on the chart. The cryptocurrency surged from about $0.12 to a peak of $0.26 in a short time, marking over a 100% increase in value.
Dogecoin Bullish Breakout Signals
The analyst suggests that Dogecoin’s recent price action indicates strong bullish momentum. The breakout from the descending wedge pattern is a key technical signal, often marking the end of a downtrend and the start of a new bullish phase. The volume spikes during the breakout further confirm the strength of this upward movement.
The chart also shows Dogecoin has briefly consolidated around the $0.24 to $0.26 range, which is a healthy sign of stabilization after a sharp rise. This consolidation phase is important as it often leads to another price increase, allowing traders to gather positions before the next bullish wave.
The analyst expects Dogecoin to continue this bullish trend. Given the strong breakout and subsequent consolidation, the analyst predicts a solid bullish wave in the coming days, potentially driving the price higher and attracting more investor interest.
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