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Dogecoin’s Weekend Rally: Analyzing Memecoin’s Technicals Dogecoin’s Weekend Rally: Analyzing Memecoin’s Technicals

Dogecoin Spikes Higher

Dogecoin DOGE/USD surged over the weekend, reaching its highest level since mid-March after closing Friday’s session at $0.152703.

Recent Performance

What Happened: Dogecoin opened Sunday at $0.152775 and has experienced an upward trend, trading in a range of $0.151934 and $0.168061.

In the last 24 hours, Dogecoin surged by 10.53% to $0.165642 according to Benzinga Pro data.

Technical Analysis

What’s Next: Dogecoin broke out of a consolidation phase in late February, lagging behind its peers. As of now, it has shown potential for further upside after hitting a peak of $0.205439 on March 5 and forming a bottom at $0.123453 on March 20.

According to crypto trader Yomi, the technical trend indicates a possible increase, noting an attempt to break the neckline of an inverse head and shoulders pattern. “Short term time frame stuff is not my favorite but hey it gives us some entertainment on a weekend,” he shared on social media.

After reaching $0.737567 on May 8, 2021, Dogecoin experienced a year-long decline and has mostly consolidated below $0.10 since.

Read Next: Elon Musk’s Company Secures Payment Licenses In 3 States, Possible DOGE Payments Soon?

Image created using artificial intelligence with Midjourney.

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