Dogecoin is on verge of breaking through important pattern, which might launch directly into reversal rally
Dogecoin has finally broken above a key resistance level that the market had previously observed and exited the chart pattern which could have fueled a complete reversal of the asset on the market.
The flag pattern we have highlighted previously held Dogecoin around the same price level for the last 40 days, which may end up in a massive volatility spike on the market if we see the successful breakthrough with the support of a high trading volume.
For the past 60 days, Dogecoin has been in the same consolidation range since May 2021 after entering a sharp downtrend. Lack of interest in Memecoin was the main reason behind the lack of positive performance for over a year.
As for now, we are seeing some signs of a market recovery and risk exposure. Memecoins and tokens like Shiba Inu are also sharing the optimism of investors and gaining more than 50% to their value in the last few weeks.
Earlier, Mark Cuban, billionaire and owner of Landmark Theaters, said that Dogecoin is more useful than the Cardano network, thereby increasing DOGE’s trading volume in the cryptocurrency market and helping the price climb above the above resistance level.
His statement was based on the fact that Dogecoin does not yet have a platform for building applications and it will certainly flip Cardano when decentralized solutions become a reality on Doge.
A few months ago, the Ethereum co-founder suggested a roadmap that would allow developers to build applications on the Doge Network, which would certainly boost the network’s usability and directly affect the price.
