Dogecoin Forms Inverse Head and Shoulders Pattern Indicating Potential Reversal
Technical analysis indicates that Dogecoin (DOGE) is forming an inverse head and shoulders pattern, suggesting a potential bullish reversal after a period of price consolidation.
- The pattern typically signals the end of a downtrend and the start of an upward movement.
- Analyst Klejdi Cuni noted this formation could lead to a short-term trend change.
- A decisive break above the neckline resistance level is crucial for confirming the bullish setup.
- Key upside targets include $0.2390 and $0.2500, with the latter representing a significant recovery milestone.
- Monitoring volume and momentum indicators will be essential as DOGE approaches the neckline.
