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Dogecoin Forms Bullish Inverse Head And Shoulders Amid Important Ordinals Update

Bitcoinist

Bitcoin News / Bitcoinist 54 Views

Dogecoin has been one of the most talked-about cryptocurrencies recently and has continued to maintain its position as the largest meme coin in the market. Its recent price action has left much to be desired, leaving investors wondering where the price might be headed next. However, an important bullish formation just showed up on the chart that could change the course of things for the meme coin.

Dogecoin Forms Bullish Inverse Head And Shoulders Pattern

While the recent Dogecoin price action has not been the best, it has been a buildup toward one of the most bullish patterns that it has seen in recent times. According to crypto analyst Benji Hyam, the Dogecoin chart has formed an inverse head and shoulders pattern.

The analysis who took to TradingView to share this development explained that the formation of this pattern is actually bullish for the meme coin. One reason for this is that it often marks the beginning of notable rallies that could send the Dogecoin price toward new yearly highs.

Not only did the Dogecoin price successfully form a bullish inverse head and shoulders pattern, it was also starting to see a breakout at the time that the analysis was posted on June 5. However, the DOGE price has not been able to secure this breakout and has since broken down toward $0.16.

Nevertheless, the crypto analyst points out that as long as the meme coin is able to hold the $0.158 support level, it should be able to continue its upward rally. In the initial analysis, the crypto analyst gives the Dogecoin price until Sunday to play out this bullish scenario or it could risk dropping back down.

DOGE Ordinals In The Spotlight Again

Ordinals on the Dogecoin network got popular after Bitcoin Ordinals made headlines. While the Dogecoin ordinals did not garner as much attention as their Bitcoin counterparts, it seems they have become a fixture on the blockchain, and the most recent announcement from the MyDogeWallet team confirms this.

According to Alex, who is the MyDogeWallet CTO, the wallet will now be able to support Dogecoin ordinals, or Doginals, as they are commonly called. In addition, the wallet will also be able to support the DRC-20 tokens created on the blockchain.

Alex informed the community that the launch of this feature is close and that it should be released this weekend. This is another step that has solidified the importance of Ordinals on the Dogecoin network, and the increased usage could translate to better price action for DOGE at the same time.

Dogecoin price chart from Tradingview.com
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