After an extended consolidation, Dogecoin (DOGE) is recovering from its recent bottom, and firm. However, traders are diversifying and hedging with Sponge V2 following its launch on Polygon.

Dogecoin is recovering

Analyst Naem believes Dogecoin may be “bottoming out” following a resistance breakout.

The analyst also highlighted a “bullish pennant” chart pattern and “volume inflow.”

Since posting the analysis on Jan. 23, Dogecoin’s price has climbed 3.8%, confirming the bullish pennant breakout.

The confluence of breakouts against USD and Bitcoin (BTC) point to strong momentum, a basis for more gains.

CryptoPatel, another crypto analyst, predicts DOGE to hit $3 in the next bull run.

However, CryptoPatel admits that a more likely target would be $1.

TradingView analyst

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