dogecoin_news
YEREVAN (CoinChapter.com) — Dogecoin (DOGE) Trades at $0.1833, Eyeing a Bullish Breakout
Dogecoin (DOGE) is currently trading at $0.1833, marking a 0.44% increase in the past 24 hours as it moves within a bull flag pattern, a formation often associated with continuation rallies. The price recently rebounded from a strong support level near $0.15, indicating increasing buying pressure.
DOGE previously experienced a sharp rally, followed by a correction that shaped the flag structure. The price continues to respect the yellow flag pattern, signifying consolidation before a possible breakout. Should this pattern hold, DOGE may break above the $0.21 resistance, near the 200-day moving average, potentially targeting $0.30 or higher.
The Relative Strength Index (RSI) is currently at 47.30, rising from oversold levels and reinforcing a bullish outlook. If momentum strengthens, DOGE could break out of the flag, confirming a continuation of the uptrend. However, failure to maintain current levels might result in a retest of the $0.15 support before another upward attempt.
Dogecoin Nears Final Stage of Cycle 3, Analyst Suggests
Crypto analyst Trader Tardigrade suggests that Dogecoin (DOGE) is entering the final phase of its third cycle, potentially gearing up for a strong upward surge. In a recent post on X, the analyst shared a chart depicting DOGE’s historical price movements in three distinct cycles, each following a similar pattern of correction, accumulation, and breakout.
According to the chart, DOGE has demonstrated a consistent trend over the years, with each cycle leading to significant price surges. Currently, DOGE is in the last stage of its third cycle, which previously resulted in substantial rallies. If historical patterns repeat, DOGE could see another major upward move.
Dogecoin Reserve Aims to Boost Adoption
As Dogecoin’s price trends upward and analysts anticipate a potential breakout, the House of Doge has launched a new initiative to enhance its real-world utility. This organization, functioning as a corporate arm of the Dogecoin Foundation, has established the Official Dogecoin Reserve to improve transaction efficiency and promote adoption.
The reserve commenced with an initial purchase of 10 million DOGE, valued at approximately $1.8 million. Its primary goal is to address slow transaction times and ensure seamless Dogecoin payment processing for businesses. According to Michael Galloro, a Board-Elect member, this initiative will provide the necessary infrastructure to position DOGE as a reliable payment method, comparable to traditional financial systems.
Dogecoin’s low transaction fees and inflationary supply make it a viable payment solution. To facilitate its adoption and enhance transaction stability, the House of Doge has introduced a liquidity reserve, ensuring smoother DOGE payments for merchants.