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Dogecoin Forms a Bullish Inverse Head and Shoulders Pattern Amid Important Ordinals Update

Dogecoin is one of the most talked about cryptocurrencies in recent times and continues to maintain its position as the largest memecoin on the market. Recent price action suggests there’s more to look forward to, leaving investors wondering where prices might head next. However, an important bullish pattern just appeared on the chart that could change the course of things for this meme coin.

Dogecoin formed a bullish inverse head and shoulders pattern

While the recent Dogecoin price action hasn’t been the best, it is heading towards one of the most bullish patterns seen in recent times. According to analyst Benji Hyam, the DOGE chart has formed an inverse head and shoulders pattern.

The analyst has share This development on TradingView, explains that the formation of such a pattern is actually a bullish sign for DOGE. One reason for this is that it often marks the beginning of notable price increases that can take the top dog memecoin to new yearly highs.

Source: Tradingview

Dogecoin price not only successfully formed a bullish inverse head and shoulders pattern but also started to break out at the time the analysis was posted on June 5. However, DOGE was unable to hold this breakout and dropped to $0.16 since then.

The analyst pointed out that as long as the $0.15 support level can hold, the upward momentum will continue. In the initial analysis, the analyst gives Dogecoin price until Sunday to execute this bullish scenario, otherwise there is a risk of falling again.

DOGE Ordinals is in the spotlight again

Ordinals on the Dogecoin network became popular after Bitcoin Ordinals gained attention. While Dogecoin Ordinals has not attracted as much attention as Bitcoin, it appears to have become a fixture on the blockchain and Notification Most recently from the MyDogeWallet team confirmed this.

According to MyDogeWallet CTO Alex, the wallet will now be able to support Dogecoin Ordinals (Doginals). Additionally, the wallet can also support DRC-20 tokens created on the blockchain.

Alex announced to the community that the feature is coming soon and will be released later this week. This is another step that has reinforced the importance of Ordinals on the Dogecoin network, and increased usage could simultaneously lead to better price action for DOGE

You can see the DOGE price here.

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According to Bitcoinist

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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