The launch of Bitcoin ETF has flipped the bearish market into a greener one. The BTC price reclaimed its levels above $61,000 and ETH price smashed new ATH at $4400 just a few moments ago. However, no matter what the Bitcoin & Ethereum trend is, ShibaInu Coin trends towards the north. And more interestingly, the Dogecoin price is also following the trend with more than 20% jump in the past 7 days.
The asset since the May crash trended within a very narrow range. And despite a couple of failed attempts to break the resistance, the DOGE price remained bullish. However, the price can still go much higher, as the pattern suggests a massive leg upcoming. The popular meme token once breaks the pattern can rally as high as $0.5 within no time.
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With the notable pumps and dumps, the asset managed to be stable above $0.2 for a pretty long time. And hence in the weekly time frame, it forms a gigantic ‘w-shaped’ pattern with the neckline somewhere above $0.33. The asset, however, did attempt to breach through these levels but eventually failed to sustain and dropped below $0.3.
No matter the Dogecoin price ATH is little distinct from the current levels, yet could undergo a massive upward trajectory. However, the current weekly close is very much important to estimate the upcoming price movement. A bullish breakout above $0.4 may validate the uptrend and if the DOGE price smashes $0.5 levels bull run may resume.
Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
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