Coinworld.com reports:
The sudden collapse of Bitcoin (BTC) in May 2021 has made Dogecoin (SHIB) bullish. Anonymous analyst Dave the Wave, with 146,500 followers on the social media platform TikTok, suggests that DOGE may form a bullish ascending triangle within a daily time frame. If the asset breaks through a key resistance level, the triangle pattern is considered bullish. Dave the Wave says, “Tell me this isn’t optimistic.”
From his charts, the analyst also indicates that DOGE is consolidating within a broader symmetrical triangle pattern and may soon break resistance, potentially placing the memecoin in the $0.20 range. Dave the Wave also hints that DOGE could rebound to its previous high of $0.73 within this cycle.
At the time of writing, DOGE is trading at $0.14, up 1.2% in the past 24 hours.
Next, the analyst states that if the flagship digital asset, Bitcoin, can break through, it may trigger a rebound and reach a new all-time high by overcoming persistent resistance levels. “BTC: Business can be done through $70,000… Short-term. Resistance turns into support?”
He also suggests that the Bitcoin breakthrough may be delayed by about two months, as BTC may form a cup and handle pattern within a daily time frame. Cup and handle patterns are seen as bullish continuation patterns, indicating that Bitcoin may need more breathing time before breaking through key resistance levels. “BTC: Still New Year’s Eve?”
At the time of writing, Bitcoin is trading at $67,351, down over 2% in the past 24 hours.
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