Dogecoin (DOGE) had been a cryptocurrency nobody paid attention to. DOGE crypto started off as a joke between two engineers and remained so until 2021. For the most part of its life, Dogecoin crypto has stayed nearly at $0.002. However, the cryptocurrency established its all-time high at $0.43 in the current bull run. The price of the coin has fallen by 30% from its ATH. Although Doge crypto has been suffering from market retracements, the cryptocurrency may soon reverse its trajectory as the price has been climbing up in the 24-hour timeframe while the trading volume went up by 100%.
Dogecoin (DOGE) Technical Analysis
The meme crypto has been enjoying a bullish market trend. Out of the 26 technical indicators, ten are standing at a neutral position, fourteen are giving out a buy signal while only two are bearish signals. The oscillators are bearish while the moving averages are strongly bullish. At the time of writing, Dogecoin stands at $0.31.
A trader has identified the current price action of Dogecoin crypto to be similar to those when the cryptocurrency exploded to form it all-time high in early April. Per the trader, Dogecoin has formed fractals and is operating in a rectangular figure inside a bigger rectangle. The boundaries of the figures are acting as strong resistance and support levels. Through the fractal analysis, the trader is expecting Dogecoin to break out of both the formation and end up with 260% gains at a price level of $1.
The fractals are out of proportion but given the volatility of Dogecoin, the trader believes it to be possible. Moreover, the trader also commented if the volatility of the cryptocurrency decreased in the horizontal moves then there are lesser chances of a breakout and a subsequent bull run.
“Dogefather” to appear live for Dogecoin
“Dogefather”, the billionaire & Tesla CEO Elon Musk has hinted towards a live appearance for Dogecoin. Musk has been a strong supporter of cryptocurrency and usually sends it soaring upwards with tweets. Yesterday was no different. The price rally of Dogecoin is attributed to the tweet by Musk. The CEO hinted towards his appearance on the comedy show, Saturday Night Live, possibly to support Dogecoin. If all goes well, then May 8th may be the beginning of another bull run for Dogecoin – possibly achieving the $1 price target.