A widely followed cryptocurrency trader predicted Thursday that Dogecoin’s DOGE/USD bullish momentum will sustain, forecasting a potential breakout above $0.1850.
What Happened: BitGuru, known for analyzing price patterns of cryptocurrencies, noted that the popular meme coin was stabilizing above a key support level after completing a “classic” cup-shaped recovery.
The cup-shaped recovery is a bullish continuation pattern in which the price recovers gradually after a downtrend, with the trajectory resembling a cup.
“If the price holds this level, we're likely heading toward a fresh breakout above $0.1850 in the next leg up,” BitGuru said.
The bullish projection was echoed by well-known chartist Trader Tartigrade, who spotted a bull flag, another pattern that signals a continuation of an upward trend.
“The breakout of the flag could send DOGE to $0.22,” Trader Tartigrade stated
On the contrary, the Commodity Channel Index, which measures the difference between the current price and the historical average price, indicated that DOGE was overbought and flashed a “Sell” signal, according to TradingView.
These forecasts coincided with a 17% spike in DOGE’s price over the week, following Bitcoin’s BTC/USD re-entry into the $90,000 region. The world’s largest meme coin was one of the highest mega-cap gainers during this period.
Price Action: At the time of writing, DOGE was exchanging hands at $0.1811, up 5.05% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the meme coin has plunged 42%.
Photo Courtesy: alfernec on Shutterstock.com
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