• Dogecoin (DOGE) has experienced a roller coaster-like journey since its inception in 2013.
• Recently, an on-chain market analyst identified a rare descending triangle pattern on the monthly chart of DOGE/USD.
• This pattern suggests a potential surge of 23,200%, which could be confirmed by a monthly close above $0.08.
Dogecoin (DOGE): A Roller Coaster Ride
Dogecoin (DOGE), the meme-inspired crypto that started as a parody of Bitcoin and other renowned cryptocurrencies, has been on a roller coaster journey since its creation in 2013. With its iconic Shiba Inu dog breed logo and enthusiastic community, Dogecoin has managed to garner a dedicated following despite its origins.
Rare On-Chain Pattern Emerges
Recently, an on-chain market analyst @Ali_Charts identified a rare descending triangle pattern within the Dogecoin network that has raised eyebrows among crypto experts. The pattern appears to be developed on the monthly chart of the DOGE/USD pair and typically indicates sellers gaining control over the market with lower highs and potential breakdown of support levels.
Potential Surge Ahead?
The analyst highlighted that when this same pattern occurred in the past, Dogecoin experienced an astonishing surge of more than 23,200 percent. To confirm this bullish indicator, investors are closely monitoring for a specific price level – a monthly close above $0.08 – which would indicate possible breakout from this descending triangle pattern for Dogecoin.
Bullish Charge: Will DOGE Lead?
Technical indicators suggest there is an impending upsurge for DOGE if these conditions are met; leading to many speculating whether or not it will lead the next bullish charge across crypto markets.
As investors await confirmation of this rare on-chain pattern for Dogecoin, it remains to be seen whether it will lead one of crypto’s most impressive bull runs yet!