DOGE Forms Historic Pattern Amid X Influence – Breakout Due?

Dogecoin’s breakout is forecasted by multiple pro traders as DOGE builds a historic pattern under X’s Influence.

Dogecoin dog sitting on a cloud accompnied by a huge golden X.
Created by Gabor Kovacs from DailyCoin
  • Dogecoin skyrocketed by 25% in the last two weeks.
  • Doge’s 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 X’s new logo. This comes just a day after the super-wealthy innovator added Dogecoin’s symbol, making a ‘𝕏Ð’ on his location field, which also refers to the ‘laughing out loud’ emoji in terms of internet slang.

Furthermore, the Chief Twit’s positive stance on cryptocurrency has given rise to speculations that Dogecoin (DOGE) will be implemented in the new social media giant’s financial system. Dogecoin’s 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 Dogecoin’s 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, there’s another critical factor – $DOGE hasn’t 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 aficionados’ behavior – traders have become more cautious. However, the $DOGE price charts point to a key geometrical figure which has laid the groundwork for Dogecoin’s 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 Musk’s tweet, it couldn’t 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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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.