Dogecoin Price Gears Up for a $0.20 Breakout as Inverse H&S Takes Shape

Dogecoin price has recently faced some challenges, dropping by 7% over the past week. Currently, DOGE is trading slightly above $0.13, after experiencing a 5% dip in the last 24 hours. 

This is falling when the general cryptocurrency market experienced a sell-off as well. Nevertheless, Dogecoin is indicating some signs of prospective growth, and an inverse head and shoulders form has appeared on the charts. This growth is an indication of a possible runaway to the $0.20 level in the near future.

Argentina Paves Way for Dogecoin Tax Payments

The Dogecoin (DOGE) is in the midst of a wave of developments. 21Shares re-filed its DOGE ETF application with the SEC, and The Dogecoin Trust by Grayscale has already raised more than 2.8 million since launching on the NYSE.

Argentina has taken a major step in permitting its citizens to pay taxes in DOGE, and Alternative Airlines currently accepts the currency to book flights. These achievements are a step in the right direction of the growing adoption of Dogecoin.

Dogecoin Set for Bullish Surge: Inverse H&S Pattern

Recent price analysis of Dogecoin indicates that it is possible that the currency is going on a bull run. As the 4-hour chart shows, there is an inverted head and shoulders (IHS) pattern. This trend will usually be a signal of reversal, and this is a potential rise in price.

The pattern of IHS is composed of three troughs. The troughs are shallow with the first one and the third, and the second one is deeper. The only thing that Dogecoin now needs is to cross the level of resistance. This trend is characterised by a decline. Beyond this price, there might be a surge.

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Dogecoin Price Eyes 43% Upside as Key Resistance Level Holds

The latest DOGE price traded at $0.139, marking a decrease of 0.59% in the past 24 hours. The cryptocurrency has shown some resistance at the $0.140 level. 

On the downside, if the Dogecoin price continues to face selling pressure, support is at the $0.13 level. Should the future Dogecoin outlook reclaim the $0.140 level, if bullish sentiment mounts more pressure, the next target is $0.20, representing a 43% increase from the current price level.

DOGE/USD 4-hour chart: Tradingview

The indicators of Moving Average Convergence Divergence (MACD) is recording negative value, which indicates a bearish momentum, but it is fading. The Relative Strength Index (RSI) stands at 33, indicating that DOGE is in the neutral zone.

Source: https://coingape.com/markets/dogecoin-price-gears-up-for-a-0-20-breakout-as-inverse-hs-takes-shape/