Dogecoin Awaits Potential Surge as Cup and Handle Pattern Forms
Dogecoin’s price is currently hovering around $0.2200, which is 53% below its peak in November. However, a forming technical pattern suggests a possible surge to $0.8630 and beyond.
Dogecoin remains the leading meme coin in the crypto market, now valued at over $32 billion. Its price peaked at $0.7390 in 2021, when elon Musk was promoting it, but then fell to $0.048 in June 2022.
A bull breakout can happen if the DOGE price rises above $0.4522,the upper side of the cup in the cup-and-handle pattern.Once the price breaks out, the profit target is $0.8630,a 295% increase from its current level.
There are several factors that coudl boost Dogecoin’s price. Signs show that large holders, or whales, are stockpiling the coin. The holder groups of 100 million to 1 billion coins and 10 million to 100 million coins have increased their positions significantly.
Additionally, the approval of four DOGE ETFs by the Securities and Exchange Commission could be a meaningful catalyst. Companies like Bitwise, Grayscale, 21Shares, and Rex Shares have submitted applications for these funds.
Lastly, if Bitcoin continues its current upward trend, Dogecoin’s price could also soar. Many experts believe that Bitcoin’s strong performance will positively impact othre crypto prices.
