Dogecoin Forms Bullish Inverse Head And Shoulders Amid Important Ordinals Update
Release: 2024/06/08 16:04 Reading: 519
- Original author：Bitcoinist
- Original source：https://bitcoinist.com/?p=304409
Dogecoin Forms Bullish Inverse Head and Shoulders Pattern
Dogecoin's recent price action has been lackluster, but it has set the stage for a potentially bullish pattern. According to crypto analyst Benji Hyam, Dogecoin's chart has formed an inverse head and shoulders pattern. This formation is considered bullish, as it often precedes rallies that push prices to new yearly highs.
DOGE Breakout Stalls, but Support Remains
While Dogecoin successfully formed the inverse head and shoulders pattern, it failed to hold its breakout above $0.16. However, the crypto analyst notes that as long as Dogecoin remains above the $0.158 support level, it could still resume its upward rally. The deadline for this bullish scenario to play out is Sunday, or the price could drop back down.
Dogecoin Ordinals Gain Traction
Ordinals, which allow data to be inscribed permanently on the Dogecoin blockchain, have garnered attention. MyDogeWallet has announced that it will soon support Dogecoin ordinals (Doginals) and DRC-20 tokens. This development solidifies the importance of Ordinals on the Dogecoin network, which could potentially boost the price action for DOGE.
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