The cryptocurrency market shows a bullish trend in response to the latest U.S. inflation data for December 2024. Dogecoin is in the spotlight with significant gains.
Reaction to Inflation Report
U.S. inflation increased to 2.9% in December 2024, leading Bitcoin to surpass the $99,000 mark, aligning with market expectations. This uptick of 0.2% from November prompted a positive market reaction.
Bullish Pennant Pattern
According to crypto analyst JohncyCrypto, Dogecoin has formed a bullish pennant pattern on the daily chart. This classic technical pattern often indicates a continuation of upward momentum.
Is A Breakout Looming?
The positive reaction of the crypto market to the inflation report supports DOGE's breakout attempt. Despite market uncertainty, DOGE's price surged over 4% in the past 24 hours. The upcoming inauguration of Donald Trump, known for his blockchain innovation support, may further boost the market.
Dogecoin is at the brink of a potential bullish breakout. The upcoming days are crucial to determining further targets and movements.
