The crypto market is bleeding red with all the major cryptocurrencies like Bitcoin, Ethereum, Solana, XRP, Cardano, and Dogecoin among others dragging the global cryptocurrency market.
The global cryptocurrency market is down by 0.88% over the last 24hrs positioned at $1.74 trillion.
On the other hand, a few catalysts are still bullish on the crypto price action and Dogecoin is one among them.
When talking about dogecoin, there are these three catalysts predicting the currency to jump by at least 50% by the end of Q3 of 2022.
Dogecoin To Breakout Soon
Since May 2021, Dogecoin’s longer-timeframe charts are forming a falling wedge pattern, and this points toward a bullish reversal in the coming months
A falling wedge form when there is price action forms a lower inside a range that is appeared by two descending, converging trendlines.
This pattern form alongside the dropping trade volume indicating that dogecoin’s trading activity has slowed down with the declining price range.
If the wedge breaks towards upper end along with a rise in trading volume, the cryptocurrency is set to see a breakout. Hence, in terms of technical analysis, a falling wedge breakout can support the bullish price action.
So, with this, the Dogecoin will see a price rally towards $0.40is the breakout happens anywhere near $0.14 level
Elon Musk’s Alliance with Twitter
At the start of this week, the social media giant Twitter made an announcement that it will accept Elon Musk’s bid to purchase the Twitter platform for $4 billion. Just after the announcement, the meme currency had a bull run with a speculations that Elon Musk would add DOGE as one the official payment medium.
DOGE Investors Gear Up Too
When the investors witnessed Elon Musk’s bid to purchase Twitter and Twitter’s acceptance which move the DOGE price towards the north which gained around 20% on the same day, April 25, there was a surge in retail and institutional interest.
The online interest in buying Dogecoin skyrocketed to almost four times the average volume in one day due to Musk acquiring full ownership of Twitter.