- Dogecoin (DOGE) is currently trading at $0.08206.
- Elon Musk changing Twitter’s logo to Dogecoin caused hype in the DOGE market.
- Bears currently have control of the Dogecoin market
The recent surge of Dogecoin (DOGE) has captured the cryptocurrency market’s attention. Twitter CEO Elon Musk changed the social media platform’s logo to that of his favourite memecoin, Dogecoin.
Musk’s actions have brought even more hype to the already-popular cryptocurrency, which has seen a significant increase in value over the past few days. The cryptocurrency market has been abuzz with the news of Dogecoin’s surge as more individuals and companies take notice of its potential.
The pump in the Dogecoin market has enabled the bulls to establish a weekly high of $0.1026 and a low of $0.07614. However, over the past four days, the bulls have lost momentum in the market where the pressure of bears has increased, resulting in them taking over the Dogecoin market.
Moreover, the social platform Twitter is back to normal as Elon removed the Dogecoin picture from Twitter as its logo. This news has caused a stir among cryptocurrency enthusiasts, as many speculate on the implications of this action.
Bears appear to push the memecoin to a long-term floor at $0.0770, with prices down by over 9% in the last 24 hours.
The DOGE coin market has been experiencing a slow but steady value increase following a significant price rise over the past 30 days. CoinMarketCap’s data indicates that the lowest price the token traded for in March was 0.06446.
According to the recent development within the DOGE market, they propose that the price of DOGE tokens will likely record another price increase in the coming days. The start of this month saw an upward solid momentum for Dogecoin.
However, as is often the case with such surges, cryptocurrency is now experiencing a period of consolidation and decline. This week has been particularly bumpy for Dogecoin.
DOGE Prepares for Bullish Run
Dogecoin (DOGE) has formed a W pattern from 1-Dec-2022 to 5-Apr-2023, with a price range of $0.060 to $0.100. This pattern is a bullish reversal pattern that signals a potential price surge shortly.The W pattern is characterized by a double bottom formation, with the price dropping twice to form a W shape. This pattern suggests that the price has reached its lowest point and is likely to rise.
Currently, DOGE is trading at $0.08206, and we can expect the price to hit the order block level at $0.06969 before we see a good rally in price. Smart money is expected to accumulate more volume near the order block zone, resulting in many odds of exiting from the trend. Once the order block level is reached, we expect the price to rally to $0.13 by 30 May 2023.
The formation of the W pattern indicates that DOGE is preparing for a bullish run, and traders can use this pattern to plan their trading strategies. With a potential price increase of around 58% from its current level, traders can earn significant profits by trading DOGE.
DOGE/USDT price charts (source: TradingView)
The surge in Dogecoin price has led to a period of consolidation and decline, but the formation of a W pattern suggests that the market is preparing for a bullish run.