In Important Ordinals Update, Dogecoin Forms Bullish Inverse Head And Shoulders
Since becoming the biggest meme coin, Dogecoin has been a hot topic in the cryptocurrency world. Investors are uncertain about its price direction after its recent price activity. However, a key bullish development on the chart might alter everything for meme coin.
Bullish inverse head-and-shoulders pattern for Dogecoin
Dogecoin's recent price movement hasn't been great, but it's building into one of its most bullish patterns. Crypto expert Benji Hyam says Dogecoin's chart displays an inverted head-and-shoulders pattern.
Big shorters bet $6.9 billion against pro-Bitcoin MicroStrategy—how are they doing?
The TradingView analyst noted that this trend is positive for meme coin. It frequently starts significant rallies that might push Dogecoin to new annual highs.
When the report was presented on June 5, Dogecoin had formed a bullish inverse head and shoulders pattern and was breaking out. DOGE has subsequently fallen to $0.16 after failing to break out.
However, the crypto researcher believes the meme currency might continue its rise if it holds $0.158. In the first study, the crypto researcher gives Dogecoin till Sunday to prove its bullishness or risk falling.
Dogecoin Ordinals became popular after Bitcoin Ordinals made news. The MyDogeWallet team's latest revelation suggests that Dogecoin ordinals have become a blockchain staple, despite their lesser attention than Bitcoin ordinals.
Alex, the MyDogeWallet CTO, says the wallet can now handle Dogecoin ordinals, or Doginals. The wallet will also handle blockchain-created DRC-20 coins.
Alex told the community that this feature would debut this weekend. This further establishes Ordinals' relevance on the Dogecoin network, and increasing adoption may improve DOGE's price action.
