YEREVAN (CoinChapter.com) — Dogecoin Nears $0.1833, Moves in Bull Flag Pattern
Dogecoin (DOGE) is trading at $0.1833, gaining 0.44% in the last 24 hours as it moves within a bull flag pattern, a formation often linked to continuation rallies. The price recently bounced from a strong support level near $0.15, suggesting that buying pressure is increasing.
DOGE previously saw a sharp rally, followed by a correction that formed the flag structure. The price has been respecting the yellow flag pattern, indicating consolidation before a potential breakout. If the pattern holds, DOGE could break above resistance at $0.21, near the 200-day moving average, and target $0.30 or higher.
The Relative Strength Index (RSI) at 47.30 is rising from oversold territory, reinforcing the bullish setup. If momentum strengthens, DOGE could break out of the flag, confirming a trend continuation. However, if it fails to hold current levels, it may retest the $0.15 support before another attempt to move higher.
Dogecoin Nears Final Stage of Cycle 3, Analyst Says
Crypto analyst Trader Tardigrade suggests that Dogecoin (DOGE) is completing the last stage of its third cycle, potentially preparing for a strong upward move. In a post on X, the analyst shared a chart showing DOGE’s historical price movements in three distinct cycles, each following a similar pattern of correction, accumulation, and breakout.
According to the chart, DOGE has followed a consistent trend over the years, with each cycle leading to massive price surges. DOGE is currently in the third cycle’s final stage, where previous cycles saw significant rallies. If history repeats, DOGE could experience another strong upward move.
Dogecoin Reserve Aims to Boost Adoption
As Dogecoin’s price trends upward and analysts predict a potential breakout, the House of Doge has introduced a new initiative to strengthen its real-world use. The organization, which operates as a corporate branch of the Dogecoin Foundation, has established the Official Dogecoin Reserve to enhance transaction efficiency and adoption.
The reserve launched with an initial 10 million DOGE purchase, valued at approximately $1.8 million. Its primary objective is to tackle slow transaction times and ensure that businesses can process Dogecoin payments seamlessly. According to Michael Galloro, a Board-Elect member, this initiative will provide the infrastructure needed to make DOGE a reliable payment option, comparable to traditional financial systems.
Dogecoin’s low transaction fees and inflationary supply make it a viable option for payments. The House of Doge has introduced a liquidity reserve to facilitate adoption and improve transaction stability. This initiative aims to ensure smoother DOGE payments for merchants.