《Argentina paves the way, Dogecoin shows inverse head and shoulders pattern, a 43% increase may open a new chapter in the bull market!》
Dogecoin has been having a tough time lately, with prices dropping 7% over the past week, now trading just a little above $0.13, and another 5% drop in the last 24 hours. The entire cryptocurrency market is in a sell-off, and Dogecoin is suffering as well.
There have been several new developments for Dogecoin recently. 21Shares has submitted a Dogecoin ETF application to the U.S. Securities and Exchange Commission, and the Grayscale Dogecoin Trust has raised over $2.8 million since its listing on the New York Stock Exchange.
Good news has also come from Argentina, allowing citizens to pay taxes with Dogecoin, and Alternative Airlines is accepting Dogecoin for flight bookings. These developments indicate that the application of Dogecoin is expanding and moving in a positive direction.
Analyzing the price trend, the 4-hour chart shows that Dogecoin has an inverse head and shoulders (IHS) pattern, which generally indicates that prices are set to reverse and rise. The IHS pattern has three troughs, with the first and third being relatively shallow, and the second being deeper. Dogecoin is now just a step away from breaking through the resistance level, and once it does, it may start an upward trend.
The latest trading price for Dogecoin is $0.139, with a 0.59% drop in the past 24 hours, encountering resistance around $0.140. If the price continues to be pressured by selling, the support level is around $0.13. If Dogecoin's price can return to $0.140, and bullish sentiment becomes stronger, the next target is $0.20, representing a potential increase of 43% from the current price.
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