The Dogecoin price has struggled recently as investors wait for a catalyst. DOGE is trading at $0.2175, where it has been in the past few weeks. This decline brings its total value to more than $28 billion, making it the 7th biggest cryptocurrency in the world.
Dogecoin news. Dogecoin has struggled recently as investors look for a catalyst. One of the possible bullish catalyst is Bitcoin, which has found resistance at the $34,000. This is a signal that the coin is still finding buyers since it has struggled moving below the $30,000 support level. Some analysts believe that this is a bullish move for BTC and other digital coins like Dogecoin and Ether.
Second, the Dogecoin price next catalyst could be a system upgrade. One of the proposed upgrades will add some features to remove bugs that open the chain to vulnerabilities. The other one will see the Dogecoin network reduce the fees and make it more affordable to users. Historically, cryptocurrencies like Dogecoin sees a boost in prices ahead of a major upgrade.
Meanwhile, a Dogecoin millionaire gave Business Insider three key reasons why he expects the coin’s price will rise to $1. The first of these reasons are Robinhood opening its wallets and allowing participants to move their DOGE. This is notable since Robinhood has emerged as a leading platform for Dogecoin trading. Second, he noted that there was a possibility for an ethereum-to-doge bridge. Finally, he pointed to possible bullish tweets from Elon Musk. Still, his recent tweets have not moved the coin as they did before.
A look at the four-hour chart shows that the Dogecoin price has recently formed an inverted head and shoulders pattern. In technical analysis, this pattern is usually a bullish sign. The coin has also formed a falling wedge pattern that is also a bullish signal.
Therefore, while it is unclear whether the DOGE price will rise to $1 in the near term, there is a possibility that it will break out higher and test the next key resistance at $0.2900, which is about 33% above the current level. This was the previous highest point on June 25. On the flip side, a drop below July 9 low of $0.1947 will invalidate this view.
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