- Dogecoin skyrocketed by 25% in the last two weeks.
- Dogeโs speculated integration with X fueled the run.
- Veteran crypto traders indicate a rare DOGE pattern.
The original memecoin Dogecoin reclaimed the crucial $0.08 support line after Elon Musk dropped a promotional video of Xโs new logo. This comes just a day after the super-wealthy innovator added Dogecoinโs symbol, making a โ๐รโ on his location field, which also refers to the โlaughing out loudโ emoji in terms of internet slang.
Furthermore, the Chief Twitโs positive stance on cryptocurrency has given rise to speculations that Dogecoin (DOGE) will be implemented in the new social media giantโs financial system. Dogecoinโs growth is also evident in that the average $DOGE trader active this year is finally making a profit.
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The crypto behavior analysis platform Santiment also acknowledges that social dominance correlates with Dogecoinโs price surges, as the blue color in the Dogecoin chart portrays. A stronger social dominance for DOGE started when the canine coin flipped Cardano (ADA) for the #8 position by global market capitalization.
Pro Crypto Traders Detect an Ultra Rare Pattern
While the blockchain analytics firm estimated a 2.4% return on investment for the average Dogecoin trader active for the past year, thereโs another critical factor – $DOGE hasnโt reached a dangerous level of FOMO (Fear Of Missing Out).
Though this metric is related to social hype, the chart presents a change in crypto aficionadosโ behavior – traders have become more cautious. However, the $DOGE price charts point to a key geometrical figure which has laid the groundwork for Dogecoinโs famous 2021 bull run, which has seen the top dog coin spiking to its all-time high of $0.73.
Numerous veteran traders have now spotted the descending triangle pattern for DOGE, including YouTuber Crypto Rover and Ali Martinez. Notably, the descending triangle had occurred before the 23,200% bull run – this rare pattern forms when lower highs are connected in a diagonal line and signals a continuation of a downward trend with breakout possibilities.
On the Flipside
- Even though Dogecoin shot up to the daily high of $0.083496 after Muskโs tweet, it couldnโt hold the resistance at $0.08 and above.
- OG trader Ali Martinez pointed out that $DOGE faces stiff resistance at the price range of $0.083 to $0.088.
Why This Matters
Dogecoin is the second largest Proof-of-Work (PoW) blockchain apart from Bitcoin (BTC).
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