Following its previous footsteps of forming a falling wedge pattern, Dogecoin (DOGE) might be eyeing a monumental 300% increase if a breakout materializes.
According to crypto chartist Trader Tardigrade, DOGE witnessed a 3x pump after exiting an earlier falling wedge pattern.
If DOGE mimics its past ways, the apex meme coin will surge to the $0.72 zone, with its present price sitting at $0.24.
Dogecoin has witnessed a notable uptrend after forming a diamond bottom reversal pattern.
Trader Tardigrade had previously pointed out, “Dogecoin’s daily chart appears to be forming a “Diamond Bottom” Reversal Pattern, suggesting a potential shift for $Doge from a recent downtrend to an uptrend.”
A diamond bottom reversal pattern usually forms after a prolonged downtrend. It represents a psychological shift from selling pressure to buying interest.
Dogecoin is already enjoying a 53.1% monthly increase to trade at $0.2492 when writing, showing that the eighth-largest cryptocurrency is already witnessing bullish momentum.
Meanwhile, DOGE has been witnessing massive institutional inflows and slow retail outflows, which have contributed to its uptrend.
For instance, crypto whales recently made a weekly purchase of 100 million DOGE tokens, illustrating heightened market activity.