As Dogecoin (DOGE) continues traversing the $0.23 trajectory, the apex meme coin shows high interest in scaling heights and reaching the $0.43 zone.
This is founded on the formation of an inverse head and shoulders pattern, which usually depicts the end of a downtrend.
Source: Bitcoinsensus
Therefore, this bullish signal depicts a trend reversal to the upside amid Dogecoin witnessing skyrocketing daily trading volume.
According to CoinMarketCap data, DOGE’s daily trading volume recently hit the $3.38 billion mark, illustrating increased investor interest and improved liquidity.
Source: CoinMarketCap Dogecoin Continues to Form Higher Lows
According to market analyst Amina Chattha, “DOGE has broken its downtrend and is now forming higher lows with strong bullish momentum. If support near $0.2300 holds, the price is likely to push back toward $0.26 and beyond.”
Source: Amina Chattha
Higher lows usually depict a bullish trend because whenever they are paired with higher highs, an uptrend is often confirmed.
Therefore, a bullish picture continues to be painted in the Dogecoin ecosystem with traders going long after more than $10 billion was recently pumped into the meme coin market.
This is because at least 69.5% of open positions on Binance Futures had taken the long position, illustrating a spike in trader optimism.
