Dogecoin on the verge of a historical breakout: Will the bull run begin?

Dogecoin (DOGE), the largest memecoin by market value, may rise with the formation formed on the weekly chart.

The crypto market lost blood due to the tension that broke out in the Middle East. While BTC fell by about 10 percent, there was a severe outflow of money from altcoins.

According to AMBCrypto, the declines in question did not affect DOGE, one of the popular memecoins. The formation formed on DOGE's price chart showed that the price could start to recover in a short time. The analysis suggested that DOGE could repeat previous bull cycles.

Dogecoin (DOGE), the leading memecoin of the crypto market, may be on the verge of a significant price movement. According to AMBCrypto's analysis, the moving averages on the weekly chart signal an increase of 90 to 180 percent.

DOGE gained strength with the retest of the "Falling Wedge" pattern on the daily time frame. The analysis, which examined the data in question, commented, “If DOGE continues this upward trend, it may offer more earning opportunities.”

A pullback is expected in the DOGE price if a positive breakout does not occur in the formation. The analysis said, “If the resistance cannot be broken, DOGE may add another zero.”

According to historical data, the formation in question first appeared in 2017 and led to a 90 percent rally. AMBCrypto argued that the formation also occurred in 2021 and increased the price by 180 percent. It was predicted that a similar scenario could occur for DOGE, which is in the consolidation phase.

The Dogecoin network has also shown significant growth recently. Last week, new DOGE wallets increased by 72 percent. 19,600 new wallets were created just the other day.

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