Bitrabo Editorial
Dogecoin, a popular cryptocurrency known for its meme status, has been attracting attention in the market. Despite recent uncertain price movements, a positive pattern has emerged on the charts that could potentially impact the coin’s future direction.
Positive Formation: Inverse Head And Shoulders
Recent analysis by crypto expert Benji Hyam has revealed that Dogecoin’s chart now exhibits an inverse head and shoulders pattern, signaling possible bullish momentum for the coin. This pattern often precedes significant price increases and could potentially push Dogecoin to new highs.
Although Dogecoin briefly experienced a breakout following the pattern formation, the price subsequently retraced to around $0.16. Upholding the $0.158 support level is crucial for Dogecoin to sustain its upward trajectory as highlighted by the analyst’s initial assessment.
Focus on Dogecoin Ordinals
Ordinals have gained attention in the Dogecoin network recently, following the trend set by Bitcoin Ordinals. The MyDogeWallet team’s latest announcement, shared by CTO Alex, confirms the integration of Dogecoin ordinals (Doginals) and support for DRC-20 tokens on the wallet.
The imminent release of this feature over the weekend signifies the growing importance of Ordinals within the Dogecoin ecosystem. Increased adoption of Ordinals could potentially impact Dogecoin’s price movements positively in the future.