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Popular Analyst Confirms Dogecoin Breakout, Sets Price At This Level

Dogecoin price breakout above falling wedge patterns hints at a 20% rally in the next few days, predicts a popular crypto analyst.
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Popular Analyst Confirms Dogecoin Breakout, Sets Price At This Level

Dogecoin (DOGE) price has recovered over 40% since hitting a low of $0.066 on December 30. The rally was supported by rising Dogecoin development activity, whale accumulation, and Elon Musk continuously hinting at Dogecoin integration on Twitter payment.

But, the question is whether the DOGE price could rally over $0.1 again amid the bullish sentiment in the market this month, a popular crypto analyst believes it can.

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Dogecoin Prepares to Shoot Above $0.1 Again

According to a new analysis shared by crypto analyst Rekt Capital on February 7, Dogecoin (DOGE) price has broken out from its “falling wedge” pattern in the weekly timeframe.

In addition, Dogecoin has successfully retested the top of its falling wedge as support. Thus, it fully confirms the breakout. He predicts that the DOGE price is well-positioned for an upside technically. Now, “it’s all about follow-through.”

Dogecoin Price. Source: Rekt Capital

Dogecoin price will follow the Bitcoin price trend this week as traders await U.S. Federal Reserve Chair Jerome Powell’s speech today. Bitcoin price soared 1% in the past 24 hours, with the price currently trading over the $23K level.

Meanwhile, Dogecoin price climbed over 2% after hitting a low of $0.089 in the last 24 hours. The DOGE price fell after a dormant whale address containing 2,043,137 DOGE activated after 9.1 years.

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Dogecoin Whale Activity Amid Elon Musk Twitter Payment Update

Elon Musk announced moving forward with his Twitter payments plan and introducing fiat support for payments first. However, crypto support will be introduced in the future.

The news drove Dogecoin whale activity causing DOGE price to rally 10% in a day. The Dogecoin community has been actively awaiting Dogecoin integration on Twitter, as hinted by Elon Musk earlier.

Meanwhile, rival meme coin Shiba Inu gathers community’s attention amid the anticipated launch of the Shibarium Layer-2 blockchain this month.

Also Read: Bitcoin News: Bitcoin Activity Jumps Three-Year High, Is BTC Price $30K Next?

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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