According to this analyst, the price of Dogecoin will rise soon

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The price of cryptocurrency Dogecoin (DOGE)inspired by memes, could soon experience a rally that would see it rise above its current levels after underperforming other meme-inspired cryptocurrencies in the latest rise of the cryptocurrency space.

As first reported Daily Hodlpopular cryptocurrency analysts, including the pseudonymous Rekt Capital, have been sharing Dogecoin price charts on social media with their followers, suggesting that the cryptocurrency is currently above an accumulation zone and could break out soon.

Rekt Capital shared in a tweet to its more than 330,000 followers that DOGE is “now testing the top of the Falling Wedge trying to challenge a breakout”.

A falling wedge pattern usually occurs after the price of an asset has been falling over time and appears to make a final downward move. The pattern is used to signal a bullish price reversal in technical analysis.

Another popular cryptocurrency analyst, Rager, shared with his more than 200,000 followers on the microblogging platform that he is watching the Dogecoin price chart against USDT and has been slowly accumulating the meme-inspired cryptocurrency.

As Cryptoreport reported, entrepreneur David Gokhshtein, founder and president of cryptocurrency-focused news outlet Gokhshtein Media, recently said that DOGE’s price is “breaking through”.

Notably, most holders of the meme-inspired cryptocurrency remain in a profit state, despite a year-plus bear market in the cryptocurrency space that saw the value of most digital assets fall. .

As reported, search interest in the meme-inspired cryptocurrency exploded during the cryptocurrency’s massive 10,000% price spike, rising from an average of 135,000 monthly searches in April 2020 to 16.5 million in April 2021. .

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