Dogecoin (DOGE) price has recovered over 40% since hitting a low of $0.066 on December 30. The rally was supported by rising Dogecoin development activity, whale accumulation, and Elon Musk continuously hinting at Dogecoin integration on Twitter payment.
But, the question is whether the DOGE price could rally over $0.1 again amid the bullish sentiment in the market this month, a popular crypto analyst believes it can.
Dogecoin Prepares to Shoot Above $0.1 Again
According to a new analysis shared by crypto analyst Rekt Capital on February 7, Dogecoin (DOGE) price has broken out from its “falling wedge” pattern in the weekly timeframe.
In addition, Dogecoin has successfully retested the top of its falling wedge as support. Thus, it fully confirms the breakout. He predicts that the DOGE price is well-positioned for an upside technically. Now, “it’s all about follow-through.”
Dogecoin price will follow the Bitcoin price trend this week as traders await U.S. Federal Reserve Chair Jerome Powell’s speech today. Bitcoin price soared 1% in the past 24 hours, with the price currently trading over the $23K level.
Meanwhile, Dogecoin price climbed over 2% after hitting a low of $0.089 in the last 24 hours. The DOGE price fell after a dormant whale address containing 2,043,137activated after 9.1 years.
Dogecoin Whale Activity Amid Elon Musk Twitter Payment Update
Elon Musk announced moving forward with his Twitter payments plan and introducing fiat support for payments first. However, crypto support will be introduced in the future.
The news drove Dogecoin whale activity causing DOGE price to rally 10% in a day. The Dogecoin community has been actively awaiting Dogecoin integration on Twitter, as hinted by Elon Musk earlier.
Meanwhile, rival meme coin Shiba Inu gathers community’s attention amid the anticipated launch of the Shibarium Layer-2 blockchain this month.
Also Read: Bitcoin News: Bitcoin Activity Jumps Three-Year High, Is BTC Price $30K Next?