Dogecoin (DOGE) traders are closely watching for a potential reclaim of its monthly bullish pennant to spark a sharp upward reversal for the DOGE price. Simultaneously, reported integration with iOS crypto payments is boosting market sentiment by expanding its mobile accessibility and practical real-world utility.
At the time of writing, DOGE is trading at $0.08796 with a 24-hour trading volume of $847.05 million and a market capitalization of $13.69 billion. Following the 2.81% gain over the last 24 hours, the DOGE price structure and institutional adoption point to a bullish reversal ahead.
Source: CoinMarketCap
Also Read: Dogecoin Price Tests $0.085 Support as DOGE Eyes Move Toward $0.10
DOGE Price Eyes a Strong Move Toward $5+
According to the crypto analyst Trader Tardigrade, the DOGE price has slipped below the lower boundary of a bullish pennant on its monthly chart, creating a potentially bearish signal. However, traders are watching for DOGE to reclaim the pattern.
If price moves back inside the pennant, the breakdown could prove false, trapping sellers and creating conditions for a powerful reversal as bullish momentum returns across markets.
Source: Trader Tardigrade’s X Post
The confirmation of a reclaim would reinforce the case for seeing the current collapse as being engineered to drive away weaker hands as opposed to setting a trend lower for the DOGE price.
The squeeze on the sellers would intensify the short covering and boost the price of Dogecoin by a good measure above the $5 level. However, the traders may want to wait for the confirmation before acting on it.
Dogecoin Utility Grows With iOS Payment Integration
The data from Dogegod further highlighted that Dogecoin apparently can be used as a crypto payment on iOS, which is seen as another milestone towards the practicality of the cryptocurrency that gained popularity due to being inspired by an internet meme.
The token seems to become more practical, as the users of Apple’s operating system can use it not only for speculation but also as a means of payment.
The move has boosted confidence among those who have faith in DOGE, as it may be possible that increased payment integration might result in more users participating in the transactions.
In the event of more apps and merchants supporting Dogecoin, there could be a lot of scope for its practical usage. However, further growth depends on demand from users and other factors.
Following the bullish price predictions and network expansion, the DOGE price is moving in an upward direction. This move is also backed by the general trend in the crypto market as the BTC price has started to move upward again.
What Comes Next?
Dogecoin traders are waiting for a DOGE price reversal within the monthly pennant formation in order to have a fake breakdown that leads to an instant spike in prices.
It’s possible to boost the momentum with the help of news regarding iOS integration; otherwise, the trade is doomed to fail.
Also Read: Dogecoin Eyes Breakout Toward $0.40 as Whale Buying Reaches $153M
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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