In an unexpected turn of events on Friday during the U.S. trading session, the cryptocurrency market witnessed a notable surge. Bitcoin’s price soared nearly 3%, reaching $65,890, while the altcoin market also experienced a similar upward trajectory. This bullish activity emerged following midweek uncertainty, as buyers regained their positive sentiment ahead of the next anticipated leap. In this context, the price forecast for Dogecoin (DOGE) indicated a 3% intraday increase, with potential to break out of a four-month corrective phase.
The price forecast for DOGE suggests a potential 40% rise during the formation of a bullish flag pattern. The recent market recovery has supported Dogecoin’s price, bringing it down to the current corrective trend bottom at $0.0916. This bullish shift in support has propelled the asset by 35%, reaching $0.123, with its market capitalization soaring to $17.8 billion.
This recovery has pushed the asset above the 20-day moving average, an early indicator of a potential reversal.
Moreover, Dogecoin has reached a significant milestone. According to the latest data from IntoTheBlock, Dogecoin now boasts 90 million addresses. This notable increase in the number of addresses underscores the growing interest and adoption of this popular meme coin.
Interestingly, the continued recovery of DOGE prices remains within the channel of a flag pattern. Guided by two descending trendlines, this bullish continuation setup offers a temporary counter-trend movement to replenish the depleted bullish momentum.
