Dogecoin has been one of the most talked about cryptocurrencies recently and has continued to maintain its position as the largest meme coin in the market. Recent price action has left much to be desired, leaving investors wondering where the price could head next. However, a significant bullish formation has just appeared on the chart, which could change the course of things for the meme coin.
Dogecoin forms a bullish inverse head and shoulders pattern
Although the recent price action of Dogecoin has not been the best, it has been a accumulation towards one of the most bullish patterns that he has seen lately. According to crypto analyst Benji Hyam, the Dogecoin chart has formed an inverse head and shoulders pattern.
The analysis that used TradingView to share this development explains that the formation of this pattern is in fact bullish for the coin itself. One reason for this is that it often marks the start of notable rallies that could propel Dogecoin price to new yearly highs.
Not only the price of Dogecoin managed to form a bullish inverse head and shoulders pattern, it was also starting to see a breakout by the time the analysis was released on June 5. However, the DOGE price was unable to secure this breakout and has since collapsed towards $0.16.
Nonetheless, the crypto analyst points out that as long as the meme coin is able to maintain the $0.158 support level, it should be able to continue its upward trend. In first analysis, the crypto analyst gives the Dogecoin Price until Sunday to play this bullish scenario, otherwise it could risk falling again.
DOGE ordinals back in the spotlight
Ordinals on the Dogecoin network became popular after Bitcoin ordinals made headlines. Although Dogecoin ordinals have not received as much attention as their Bitcoin counterparts, it appears that they have become a staple of the blockchain, and most recently announcement from the MyDogeWallet team confirms this.
According to Alex, who is the CTO of MyDogeWallet, the wallet will now be able to support Dogecoin ordinals, or Doginals, as they are commonly known. Additionally, the wallet will also be able to support DRC-20 tokens created on the blockchain.
Alex informed the community that the launch of this feature is near and that it should be released this weekend. This is another step that has solidified the importance of ordinals on the Dogecoin network, and the increased usage could result in best price action for DOGE at the same time.
Featured image created with Dall.E, chart from Tradingview.com
