Dogecoin on the brink of historical breakout: Will the bull start?

Question

According to market value, Dogecoin (DOGE), the largest memecoin, can rise with the formation on the weekly chart.

Due to the tension erupting in the Middle East, the cryptocurrency market has suffered a setback. While BTC recorded a decrease of about 10 percent, there was a severe outflow of money from altcoins.

According to AMBCrypto, these declines did not affect the popular memecoin DOGE. The formation on DOGE's price chart indicates that the price could start recovering in a short period of time. The analysis suggests that DOGE could repeat its previous bull cycles.

Expectation of a rise for Dogecoin (DOGE)

The leader memecoin of the cryptocurrency market, Dogecoin (DOGE), may be on the verge of a significant price movement. According to AMBCrypto's analysis, the moving averages that have emerged in the weekly chart indicate a potential increase of 90 to 180 percent.

DOGE gained strength with a retest of the "Falling Wedge" pattern on the daily timeframe. The analysis, which examines the data in question, **"If DOGE continues this bullish trend, it may offer more earning opportunities." ** he commented.

If the positive breakout does not occur in the formation, a pullback in DOGE price is expected. The analysis stated, "If the resistance cannot be broken, DOGE can add one more zero."

According to historical data, the formation in question first emerged in 2017 and led to a 90% rally. AMBCrypto argued that the formation also occurred in 2021 and raised the price by 180%. A similar scenario was predicted for DOGE, which is currently in a consolidation phase.

The Dogecoin network has also shown significant growth in recent times. Last week, new DOGE wallets increased by 72 percent. Just yesterday, 19,600 new wallets were created.

The analysis interpreting the data recorded the following;

**"This growth is a sign of increasing interest in DOGE, meaning that traders and investors are preparing for potential price increases. However, external factors such as geopolitical tensions in the Middle East may still affect market dynamics and DOGE's ability to reach this target."

This article does not contain investment advice or recommendations. Every investment and trading activity carries risks, and readers should conduct their own research when making decisions.