Amid some slow times for many assets in the cryptocurrency sector, Dogecoin (DOGE) might be the one to kickstart the market-wide recovery, as the popular doge meme coin has been forming a particular chart pattern for multiple months that could lead it to a breakout.
Specifically, the price of Dogecoin has been demonstrating a falling wedge pattern on its daily chart since March, and a sustained close above $0.10 could spark a bullish run to $0.15, according to the analysis shared by renowned crypto trading expert Ali Martinez in an X post on September 9.
Indeed, the currently eighth-largest asset in the crypto sector by market capitalization has been making consistent lower bottoms with even lower tops, and such a pattern could soon culminate with a breakout to the upside, kicking off the next leg up, as Martinez pointed out.
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Musk effect on DOGE price
Meanwhile, Tesla (NASDAQ: TSLA) CEO Elon Musk, an active supporter of the leading meme coin, whose social media posts relating to DOGE have often triggered price increases, has made another such post, but, this time, it failed to exercise any significant effect, as Finbold reported on September 7.
Specifically, he posted an image of himself generated by artificial intelligence (AI) with a sign that says ‘D.O.G.E.,’ which he suggested was an acronym for the ‘Department of Government Efficiency’ that the former United States president and current presidential candidate Donald Trump promised him if elected.
That said, Musk’s latest X post, which has gathered over 82 million views and nearly 723,000 likes so far, might have stopped DOGE from crashing further amid the bearish sentiment, possibly even by 20%, to the $0.071 level, considering its 200 exponential moving average (EMA) was in a downtrend.
It is also worth noting that popular pseudonymous crypto market analyst Anbessa has commented on the lackluster effect of Musk’s post on the price of Dogecoin, albeit arguing that the coin still had enough potential to grow its price massively. However, it could be a while:
“Even the officially wealthiest man needs to practice patience now and adjust strategy for the next P&D. Tenbagger potential still good enough though. HL above fib 0,236 would be nice.”
DOGE price analysis
For the time being, DOGE is changing hands at the price of $0.09831, reflecting a 2.30% gain in the past 24 hours, adding up to the increase of 2.35% across the previous seven days, and reducing its decline over the last month to 5.95%, as per the most recent chart information.
All things considered, the DOGE price could indeed witness a bullish surge soon, especially considering the very recent recovery that has pushed it closer to the critical $0.10 level. However, trends in the crypto market can easily and dramatically shift, so doing one’s own research is necessary.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
