Dogecoin Poised for a Rise Says Analyst

Paigambar Mohan Raj
Source: The Economic Times

The cryptocurrency market’s global market cap gained 3.2% in the last 24 hours in hopes of cooler monetary policies. Bitcoin (BTC) gained 1.6%% in the daily chart, while Ethereum (ETH) gained 2.8% and Dogecoin 1.6%. However, it appears DOGE might have even brighter days ahead.

According to cryptocurrency trader and analyst “rektcapital,” Dogecoin (DOGE) is poised for a rally. The analyst highlights that DOGE has broken out from its falling wedge. Rektcapital added that the popular dog-themed cryptocurrency has successfully retested the top of its falling wedge.

Breaking from a falling wedge formation is a reversal pattern; after that, an asset’s price will probably move in a bullish direction. Rektcapital says that the canine-theme cryptocurrency is in a position to rally. However, they added that “it’s all about follow-through.”

Will Dogecoin reach $1?

Doge fans and users are still pursuing the one-dollar dream. Even during the epic bull run of 2021, DOGE only managed to reach an all-time high of $0.73. Many are hopeful that Twitter owner Elon Musk’s integration of DOGE into the platform’s upcoming payment feature might push the original memecoin towards its “one-dollar” destination or beyond.

However, these are just speculation, and we do not have concrete evidence that DOGE will be a part of Twitter’s payment feature. However, the chances of Dogecoin being included are high as Twitter owner Musk has never missed an opportunity to promote the asset.

Recently, an ancient Dogecoin wallet returned to life after laying dormant for nine years. It is possible that the owner expects a drop in prices and is preparing for a selloff.

At press time, DOGE was trading at $0.092096, down by 4.5% in the last seven days.