A new technical analysis by a crypto analyst suggests that the recent Dogecoin price decline may be coming to a fast end. The analyst projects that this top meme coin is gearing up for a price rally toward $0.5. Although DOGE’s long-term outlook appears bullish, the meme coin faces a final hurdle that could delay its ascent. 

Dogecoin Price Pattern Signals Impending Surge

According to X (formerly Twitter) crypto analyst Cas Abbé, Dogecoin is forming a perfect rounding bottom pattern on the yearly chart, indicating a potential to embark on a major rally to $0.55. This textbook pattern is a technical indicator that often signals a possible start of a price reversal after a prolonged downtrend. 

The rounding bottom pattern suggests that Dogecoin has gradually built momentum despite its recent price declines to new lows. The analyst shared a price chart depicting the meme coin’s price movements from 2022 to the present. The yellow trendline at the top of the chart represents a resistance zone around the $0.4 and $0.55 mark. DOGE had previously tested this resistance zone but faced a rejection that pushed its price down to current lows.

Abbè’s chart also highlights Go to Source to See Full Article
Author: Scott Matherson