The price of Dogecoin (DOGE) has recovered by more than 40% since its low of $0.066 on December 30. The rally was supported by rising Dogecoin development activity, whale accumulation, and Elon Musk constantly hinting at Dogecoin integration on Twitter payments.
But the question is whether the DOGE price could climb back above $0.1 this month amid the bullish sentiment in the market, one popular crypto analyst thinks so.
Dogecoin is preparing to shoot above $0.1 again
This is according to a new analysis shared by crypto analyst Rekt Capital on Feb. 7, the price of Dogecoin (DOGE) has broken out of its “falling wedge” pattern in the weekly time frame.
In addition, Dogecoin successfully retested the top of its falling wedge as support. So it fully confirms the outbreak. He predicts that the DOGE price is technically well positioned for an increase. Now, “it’s all about follow up.”
Dogecoin price. Source: Stretch Capital
Dogecoin’s price will follow Bitcoin’s price trend this week as traders await the speech from US Federal Reserve Chairman Jerome Powell today. The price of Bitcoin is up 1% in the last 24 hours, with the price currently trading above the $23,000 level.
Meanwhile, the Dogecoin price rose more than 2% after reaching a low of $0.089 in the past 24 hours. The DOGE price fell by 2,043,137 after a sleeping whale address DOGE activated after 9.1 years.
Dogecoin Whale Activity Amid Elon Musk Twitter Payment Update
Elon Musk announced moving forward with his Twitter payment plan and introducing fiat support for payments first. However, crypto support will be introduced in the future.
The news propelled Dogecoin’s whale activity, causing the DOGE price to surge by 10% in a day. The Dogecoin community is actively waiting for Dogecoin to be integrated into Twitter, as previously suggested by Elon Musk.
Meanwhile, rival meme coin Shiba Inu is catching the attention of the community during the anticipated launch of the Shibarium Layer-2 blockchain this month.
Also Read: Bitcoin News: Bitcoin Activity Rises to Three-Year High, Is BTC Price Next $30,000?
Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for quite some time and is currently covering all the latest updates and developments in the crypto industry.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
This post Dogecoin Price Awaits 20% Rally, Analyst Predicts
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