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Analysts look positive on Dogecoin, claiming it will repeat its historical patterns in the upcoming bull rally.
Dogecoin (DOGE) is the most beloved Memecoin ever, with a strong community. At press time analysts are positive about it and speculating about its outcomes in the upcoming bull rally.
Crypto analysts, Namtoshi and Kevin share positive analysis on X(formerly Twitter) indicating bullishness in the Doge in an upcoming bull run.
Analysts Predictions About The Dogecoin (DOGE)
Crypto analyst Namtoshi suggested in an X(formerly Twitter) post that the Dogecoin price is preparing to jump to the next level.
Another crypto analyst Kevin also predicted a move for the dogecoin. In the tweet analyst’s remarks, investors should closely monitor Dogecoin and BTC as there is a possibility of forming an inverse head and shoulders pattern, which is a well-known pattern.
Something we need to keep a close eye on with #Dogecoin and #BTC is we're forming this protentional textbook inverse head n shoulders. If we can form out the right shoulder here and breakout the price target gets you back to .23 cents. Still a ways to go but lets see what… pic.twitter.com/HIWRtr93sB
— Kevin (@Kev_Capital_TA) May 8, 2024
He also added, “If we can successfully form the right shoulder and break out, the price target will be around .23 cents. Although there is still a long way to go, let’s keep an eye on it and see what happens.”
79% Of Dogecoin Holders Making Money
According to IntoTheBlock, 79% of holders are making money at the current price showcasing the bullishness regarding the DOGE price.
Additionally, 65% of DOGE holders have held it for over a year, 32% for 1-12 months, and only 3% for less than a month. The data showcasing the optimistic beliefs of the investors in the dogecoin justifying the statement “Hold On for Dear Life”
What Will The Dogecoin Technical Chart Describe
At press time, the DOGE price traded at $0.1471 with an intraday gain of 0.57%. The market capitalization is $21.2 Billion which is up by 0.67% in the past 24 hours.
The 24-hour trading volume is $1.09 Billion and the fully diluted market cap is $21.2 Billion. Based on the performance, the DOGE crypto price has lost 24.36% in a month but has gained 101.02% over the year.
The DOGE chart structure formed a descending triangle pattern and broke out on a weekly time frame. After the breakout, the price surged by around 150% in a month after retesting the key moving average.
The bullish trend in the cryptocurrency market was interrupted near the $0.200 hurdle in the first week of April, as selling pressure increased. However, if the price bounces back and surpasses the last swing high, it may repeat the history of buying momentum.
History is repeating itself as per the chart, similar to what happened in 2020. At that time, the DOGE crypto price was pumped by approximately 15000% in 4 months.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
