With a potential Bitcoin rebound and easing yields in the US bond market, Dogecoin faces promising price growth prospects.
Dogecoin Technical Analysis
Dogecoin is exhibiting an upward trend with higher highs and lows. After the recent decline, the price has been testing the lower border of a rising channel. On the daily chart, Dogecoin is forming an ascending triangle, nearing a breakout above the resistance level at $0.178, potentially leading to a 15-20% rise.
Dogecoin Fundamental Aspects
Dogecoin is solidifying its position as a leading memecoin with support from institutional investors and global merchants. The number of large holders has increased, and network activity has doubled in recent weeks.
Market and Future Expectations
Considering current trends, Dogecoin may witness significant gains amid a growing cryptocurrency market and declining US bond yields. However, a significant downward break could drive the price down to 14 cents.
Since Dogecoin's correlation with Bitcoin remains high, any effective movement in Bitcoin could positively impact Dogecoin's future price.
