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Dogecoin

Dogecoin Poised To Spearhead Altcoin Season As DOGE.D/BTC.D Forms Bullish Chart Pattern

Godspower Owie
by Godspower Owie
8 months ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Dogecoin has shown remarkable growth in the ongoing bull cycle. Many crypto enthusiasts continue to demonstrate robust confidence in the DOGE’s potential as they predict a major growth for the dog-themed meme coin in the short term, allowing it to catalyze a general altcoin market rally.

Chart Pattern Signals Robust Performance For Dogecoin

With key indicators showing a bullish outlook for Dogecoin, Trader Tardigrade, a market expert and investor has underlined DOGE’s potential to dominate the altcoin market, even surpassing Bitcoin, the largest crypto asset. 

Related Reading: Dogecoin Set For Double Bull Runs As Price Follows Bullish Chart Pattern

Given the momentum building on the Dogecoin Dominance on Bitcoin Dominance (DOGE.D/BTC.D) chart, he asserted that the meme coin may be on the verge of igniting a broader altcoin rally. His forecast hinges on the emergence of a bullish chart pattern, particularly the Falling Wedge formation on the DOGE.D/BTC.D weekly chart.

A falling wedge formation is a bullish pattern that points to a reversal of a downward trend, which forms a converging descending trendlines of lower highs and lower lows. Given that the pattern typically precedes a strong recovery trend, Dogecoin might undergo a notable reversal soon, thereby strengthening its dominance.

Dogecoin
DOGE.D/BTC.D to breakout from falling wedge pattern | Source: Trader Tardigrade on X

According to the expert, the falling wedge formation is currently supported by a key level, bolstering a bullish breakout from the pattern. As a result, Trader Tardigrade is confident that DOGE could outperform Bitcoin. 

Considering the robust performance, he also highlighted that DOGE is likely to lead the much-anticipated altcoin season in the upcoming weeks. This suggests that the increasing strength of Dogecoin in comparison to Bitcoin may trigger a greater shift in capital from BTC towards altcoins.

DOGE Maintaining Its Pace With Bitcoin

Dogecoin continues to attract investors’ attention and interest, cementing its position as a leading altcoin. Daan Crypto Trades, a crypto analyst and trader asserted that if any altcoin exhibits the true altcoin price action, it must be DOGE.

Related Reading: Dogecoin Teases Ascending Triangle On 4-Hour Chart, Here’s What Could Happen If It Forms

Extended periods of bleeding and consolidations followed by swift and significant increases are typically considered the price action of an altcoin. According to Daan Crypto Trades, Dogecoin boasts of this behavior as seen over the years.

Looking at past cycle performances of DOGE, the experts claim the meme coin has been one of the strongest altcoins thus far. While the majority of altcoins never recover after dropping by 99%, DOGE has been seen consistently recovering from significant price drops.

Furthermore, Dogecoin is one of the few coins in the market that has lasted through multiple cycles and kept up its pace with BTC over time. This reflects its resilience during volatile seasons driven by strong investor interest and momentum.

Currently, the meme coin has fallen to the $0.32 threshold, demonstrating a nearly 1% decline in the past. Data from CoinMarketCap shows that its trading volume has declined by more than 35% within the same time frame.

Dogecoin
DOGE trading at $0.32 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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