Dogecoin (Doge), the most valuable memo coin on the market, shows positive signals for investors and forms a structure with bullish potential based on technical analysis.
In Reddit’s Dogecoiner community, where investors share expectations, one of the users shared his optimistic vision for Doge’s future.
The next Doge Price Chart shared by users reveals some promising patterns. The first is a cup pattern with a handle (purple), featuring a U-shaped curve followed by a small lateral or descent correction. Shows long-term consolidation of prices before the trends are likely to continue.
In the case of MemeCoin, the “handle” in this pattern forms a symmetrical triangle. This indicates that prices are approaching a break. To break the major resistance of $0.22849, the assets can begin a new bull section.
Furthermore, a descending wedge (blue), a bull inversion pattern formed by two descending convergence lines, is identified, and Reflecting lower sales pressure and bullish price targets.
The reverse formation of the shock shower also appears (in yellow). This is a reversal pattern that marks the beginning of an upward movement where market funds and targets have already been achieved.
The technical panorama is complemented by the presence of double bottoms (red). This is a pattern that occurs when the price reaches support levels twice in a relatively short period of time, bounces back both opportunities. This pattern checks critical demand levels with a price target of $0.22.
Currently, Dogecoin is cited at $0.21, 71% below the historic maximum of $0.71 in 2021.
Macroeconomic expectations
Doge, as an aggressive risk, is essential to bring good news to the macroeconomic context, especially in order to make big climbs, as reported by Cryptutics, paying attention to US Federal Reserve Jerome Powell’s speech this Friday at the Jackson Hole Symposium.
The meeting brings together central bankers, finance ministers, economists and investors, with his speech scheduled for tomorrow and will have Powell as the main character.
Markets analyze each Powell’s words The next meeting in September will look for clues on the agency’s decision to define monetary policy. of the United States.
The impact of Elon Musk and X Money
Additionally, the Doge community hopes that Elon Musk will reaffirm its support for the project with the potential for cryptocurrency integration of X Money, the payment platform for social network X.
However, this strategy involves risk. This is because its success is because Musk, CEO of X, decides to include Memecoin.
If you don’t keep driving the Doge or give it any usefulness with X Money, prices may not recover like in the bull cycle of 2021. It should be noted that Musk has been supporting Doge since 2019 when the dog community Shiba Inu symbolically appointed him as CEO.
Another positive indication is that some companies are accumulating Doge as a reserve asset, albeit in a small number. The example is Bit Origin Ltd (BTOG), cited in Nasdaq, which announced on August 6th it would sell up to $400 million in regular Class A shares and $100 million in convertible debt. This mechanism seeks to fund Doge’s Treasury without relying on operating income.
Including memocoins in your company balance can improve institutional investors’ visibility and improve liquidity due to their ecosystem.
