Dogecoin Price Analysis: The fourth week of May began with a bang as the altcoin market saw significant inflows following Ethereum\u2019s price surge to $3700. Over the past 24 hours, ETH has risen by 18.8%, likely due to anticipation of the launch of the first spot Ethereum ETF<\/a>. Among several altcoins, the canine memecoin DOGE<\/a> has shown notable growth, breaching a key resistance level and ending a seven-week correction, signaling a shift in market dynamics.<\/span><\/p>\n Also Read: Dogecoin (DOGE) Founder Defends Musk On Key Algo Feature, Will O2T A.I Tech Remain Triumph<\/a><\/p>\n <\/p>\n Following the intense downtrend over the past few weeks, the DOGE price<\/a> finally exceeds the overhead resistance trendline after multiple bearish reversals. The bullish comeback for the meme coin comes with the broader market recovery as the Bitcoin price surpasses the $71,000 barrier.\u00a0<\/span><\/p>\n <\/p>\n The meme coin<\/a> has increased by 9.7% over the last 24 hours to trade at $0.164 currently. This leads to two consecutive bullish candles exceeding the resistance trendline and challenges the crucial horizontal resistance of $0.17.\u00a0<\/span><\/p>\n As the broader market recovery continues with the Ethereum ETF approval anticipations growing strong, the DOGE coin is expected to continue the bull run. In case of a breakout of the horizontal resistance at $0.17, the breakout rally for the DOGE price could reach the previous peak at $0.228.\u00a0<\/span><\/p>\n <\/p>\n This accounts for a price jump of 35% percentage. However, a bearish reversal from the horizontal resistance could retest the broken resistance trendline. In the shorter time frame, the Dogecoin<\/a> price action also displays an inverted head and shoulder pattern, which is a bullish continuation pattern.\u00a0<\/span><\/p>\n The neckline for this pattern stands at $0.17. Currently, the DOGE price shows the bullish breakout of this inverted head and shoulder pattern, which is a bullish indication for the sideline traders.<\/span><\/p>\n <\/p>\n Related Articles<\/p>\n <!– <\/p>\n –><\/p>\n \u2713 Share:<\/p>\n <\/a><\/p>\n <!– <\/p>\n <\/p>\n <\/a><\/p><\/div>\n<\/p><\/div>\nDOGE Breaks Resistance Amid Market Recovery, Eyes 35% Rally<\/b><\/h2>\n
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