• Dogecoin (DOGE) is currently trading at $0.08206
• Twitter CEO Elon Musk changed the social media platform’s logo to that of his favourite memecoin, Dogecoin.
• DOGE has formed a W pattern from 1-Dec-2022 to 5-Apr-2023, with a price range of $0.060 to $0.100, signaling a potential price surge shortly.
Dogecoin Price Rally
Dogecoin (DOGE) is currently trading at $0.08206 and has seen a significant increase in value over the past few days due to Twitter CEO Elon Musk changing the social media platform’s logo to that of his favourite memecoin, Dogecoin. The pump in the Dogecoin market has enabled the bulls to establish a weekly high of $0.1026 and a low of $0.07614 but now bears appear to push the memecoin to a long-term floor at $0.0770, with prices down by over 9% in the last 24 hours..
W Pattern Formation
Dogecoin (DOGE) has formed a W pattern from 1-Dec-2022 to 5-Apr-2023, with a price range of $0.060 to $0.100 as it is characterized by a double bottom formation and suggests that the price has reached its lowest point and may go up further soon.. This pattern signals an upcoming bullish run for DOGE which may take its prices up to around$ 0.13 by May 2023 if everything goes according to plan..
Bears Control Market
Currently, bears have control of the Dogecoin market as the pressure created by them resulted in them taking over the Dogecoin market.. Moreover, when Twitter CEO removed his support for DOGE via changing back its logo on twitter there was some panic among crypto enthusiasts who are still trying to figure out how this will affect DOGEs price movements..
Consolidation & Decline
The start of this month saw an upward solid momentum for Dogecoin however it is now experiencing a period of consolidation & decline following this surge as many speculate on its implications.. The week has been particularly bumpy for Dogecoins prices so far as it dropped twice from its highest point & then recovered slightly giving rise speculation about what will happen next..
Conclusion
The current trend in the doge market indicates that another increase in prices is likely soon as W shaped chart pattern suggests that bulls have regained some control over bearish sentiment causing prices too consolidate near their all time highs.. Even though there is still uncertainty regarding future movements investors should keep their eyes open for any positive news or developments which could potentially lead too more gains in doges value going forward into 2021 & beyond…