Dogecoin (DOGE) shows signs of being on the verge of a significant price surge according to chart analysis. Analysts highlight the Macro Cup & Handle formation, historically indicating potential price increases.
Macro Cup & Handle Formation
Dogecoin is exhibiting a 'Macro Cup & Handle' pattern on the weekly chart, which is generally regarded as a bullish indicator. This formation started to develop in mid-2021 and suggests a possible powerful breakout.
Target and Resistance Levels
According to analyst Trader Tardigrade, the resistance level is around $0.38, and a breakout above this point could lead to a rally toward $2.85. Investor attention on Dogecoin may increase if these expectations are confirmed.
Current Market Conditions
As of June 25, Dogecoin is trading at $0.164, holding steady. The market capitalization stands at $24.58 billion despite a significant 44% drop in trading volume. Dogecoin’s profile suggests moderate community and market engagement.
With the formation of the Macro Cup & Handle pattern, Dogecoin shows unique growth potential. Investors and analysts are expected to closely monitor market developments.
