After underperforming other meme-inspired cryptocurrencies in the cryptocurrency space’s recent increase, the price of the meme-inspired cryptocurrency Dogecoin ($DOGE) could soon witness a breakthrough rally that would see it rise above its present levels.
According to Daily Hodl, popular cryptocurrency analysts, like the pseudonymous Rekt Capital, have been distributing $DOGE price charts with their followers on social media, implying that the cryptocurrency is currently above an accumulation zone and will soon break out.
DOGE is “currently testing the top of the Falling Wedge trying to challenge for a breakout,” Rekt Capital tweeted to their over 330,000 followers.
A falling wedge pattern arises when the price of an asset has been decreasing for some time and appears to be making a last downward plunge. In technical analysis, the pattern is used to indicate a positive price reversal.
Rager, another renowned cryptocurrency analyst, told their over 200,000 Twitter followers that he is tracking the DOGE/USDT price chart and has been quietly acquiring the meme-inspired coin.
As previously reported by CryptoGlobe, entrepreneur David Gokhshtein, Founder and Chairman of crypto-focused media company Gokhshtein Media, has stated that the price of $DOGE is “breaking out.”
Notably, despite a year-long bear market in the cryptocurrency field that saw the value of most digital assets plummet, most holders of the meme-inspired cryptocurrency remain profitable.
According to reports, during the cryptocurrency’s spectacular 10,000% price increase, search interest for the meme-inspired cryptocurrency skyrocketed, rising from an average of 135,000 monthly searches in April 2020 to 16.5 million in April 2021.