Everyone is talking about Dogecoin, one of the market’s biggest meme coins. Investors are still determining what will happen next, as the recent price movements of Dogecoin could be better.
The appearance of a bullish pattern on the chart gives people a positive sign because it can make a big difference for the mem coin.
Dogecoin’s Bullish Inverse Head And Shoulders Pattern Emerges
Although lately, the prices of Dogecoin have not been satisfied, it has been leading to one of its most positive patterns in recent times. Benji Hyam, a crypto analyst, claims an inverted head and shoulders pattern has emerged on the Dogecoin chart.
The analyst who shared this development on TradingView clarified that the pattern’s emergence is bullish for the meme coin. This is due, in part, to the fact that it frequently signals the start of important rallies that have the potential to push the Dogecoin price toward all-time highs.
When the analysis came out on June 5, the price of Dogecoin had not only successfully formed a bullish inverse head-and-shoulders pattern but also. But it was also beginning to show signs of a breakout. The DOGE price, however, was unable to hold onto this breakout and has now dropped to 40.16.
The crypto experts note that if it can maintain the $0.158 support level, the meme coin should be able to continue its upward trend. Based on the initial study, the crypto analyst believes that Dogecoin has still Sunday to fulfill this positive condition or else it may see a decline in value.
Doge Ordinals Shine Once More
Dogecoin Ordinals gained popularity after BTC came to light. They didn’t get more attention than Bitcoin, although they are now a regular part of the blockchain. The MyDogeWallet team’s most recent announcement confirms this.
Alex, the CTO of MyDogeWallet, said that the wallet now handles Dogecoin ordinals, also known as Doginals. It will also be able to manage DRC-20 tokens created on the blockchain.
Alex informed the community that this feature will come soon and is expected to happen this weekend. The rising use of Ordinals on the network may have a favorable effect on the price of DOGE. This represents another important step in showing their importance.
