The price of the meme-inspired cryptocurrency Dogecoin ($DOGE) could soon see a breakout rally that would see it rise above its current levels after it underperformed other meme-inspired cryptocurrencies in the cryptocurrency space’s latest rise.
As first reported by Daily Hodl, popular cryptocurrency analysts including the pseudonymous Rekt Capital have been sharing $DOGE price charts on social media with their followers suggesting the cryptocurrency is currently above an accumulation zone and could soon break out.
Rekt Capital shared in a tweet with their over 330,000 followers that DOGE is “now testing the top of the Falling Wedge trying to challenge for a breakout.”
A falling wedge pattern usually occurs after the price of an asset has been falling over time and appears to make a final downward move. The pattern is used to signal a bullish price reversal in technical analysis.
Another popular cryptocurrency analyst, Rager, shared with their over 200,000 followers on the microblogging platform that he is watching the DOGE/USDT price chart and has been slowly accumulating the meme-inspired cryptocurrency.
As CryptoGlobe reported, entrepreneur David Gokhshtein, who is the Founder and Chairman of crypto-focused media outlet Gokhshtein Media, has recently said that the price of $DOGE is “breaking out.”
Notably, most holders of the meme-inspired cryptocurrency remain in a state of profit, despite an over-year-long bear market in the cryptocurrency space that saw the value of most digital assets plunge.
As reported, search interest for the meme-inspired cryptocurrency exploded during the cryptocurrency’s massive 10,000% price rally, going from an average of 135,000 monthly searches in April 2020 to 16.5 million in April 2021.