A pair of popular crypto strategists believe top memecoin Dogecoin (DOGE) may be gearing up for a big breakout.
Pseudonymous analyst Rekt tells his 333,800 Twitter followers that rival Shiba Inu (SHIB) is testing diagonal resistance in a bullish reversal structure on the weekly chart.
“DOGE is currently testing the top of the falling wedge and looking to try the breakout.”
Looking at traders’ charts, it looks like Dogecoin will have to remove resistance at $0.090 to trigger a breakout rally.
Another crypto strategist believes Dogecoin could break out. Pseudonymous analyst Rager tells her 203,300 Twitter followers that DOGE is testing the upper end of its accumulation range.
“One chart I’ve been watching and slowly building up. Just like my current setup, I don’t like being late.
DOGE has had a great response. Good move, but bitcoin’s pullback puts it back before the breakout.
If BTC rises again, we will be patient here. “
Based on trader’s charts, Dogecoin is currently trading above the accumulation zone and DOGE is trading at $0.089. The ninth largest crypto asset is up about 26% this year. However, it is down more than 87% from its all-time high set in May 2021.
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