Dogecoin (DOGE) price has performed below its peers in the recent bullish in the cryptocurrency space. However, analysts think DOGE could see a burst rally above its current level.
According to the statements, popular crypto analysts such as Rekt Capital shared DOGE price charts on social media with their followers, claiming that the cryptocurrency is currently above an accumulation zone and may soon experience an upward price movement. In a tweet shared with over 330,000 followers, Rekt Capital said DOGE is “currently testing the top of the Falling Wedge, which is trying to challenge for a breakout.” The falling wedge pattern usually occurs after the price of an asset has fallen over time and it looks like it will make a final downward move. This pattern is used in technical analysis to signal a bullish price reversal.
Rager, another popular cryptocurrency analyst, shared that he watches the DOGE/USDT price chart with over 200,000 followers on his microblogging platform and is slowly accumulating the meme-inspired cryptocurrency.
Entrepreneur David Gokhshtein, Founder and President of crypto-focused media outlet Gokhshtein Media, recently said that the price of DOGE has “exploded”, CryptoGlobe reported.
It is notable that most DOGE holders remain in a position of profit, despite the bear market that has been going on for over a year in the cryptocurrency space, which has seen the value of most digital assets fall. As reported, search interest for Dogecoin exploded during the cryptocurrency’s massive 10,000% price surge, growing from an average monthly search of 135,000 in April 2020 to 16.5 million in April 2021.