Despite the ongoing market instability, Dogecoin's price has been stable compared to other memecoins.
Dogecoin is currently trading in a falling wedge, which is a bullish long-term pattern.
Short-term indicators are lagging, but a break above the wedge could see gains.
Dogecoin's adoption rate in Venezuela amid the country's migration and economic crisis might indicate future growth.
Dogecoin could retest resistance levels at $0.15, $0.18, and $0.20.
Dogecoin has been making waves as of late, considering its price movements.
The cryptocurrency has struggled over the past few months compared to other memecoins on the market.
However, Dogecoin has been relatively stable amid the current market instability and is now trading in a majorly bullish formation.
Can Dogecoin launch a comeback from here and retake the $0.20 mark?
What's up with the king of memecoins aside price?
As of this writing, Dogecoin trades at around $0.11, having increased by 0.5% over the last 24 hours.
This upward movement directly tracks Bitcoin's ongoing comeback from $53,800, and Dogecoin could very soon attempt a reclaim of $0.15 or even $0.2.
According to the charts, Dogecoin's price is now trading within a falling wedge, which is a highly bullish formation in the long term.
Falling wedge on Dogecoin
The general idea behind falling wedges is that they are bearish in the short and even medium terms.
However, in the longer term, they are continuation formations as long as the cryptocurrency breaks above its upper trendline.
This past week, the cryptocurrency fluctuated between $0.121 and the wedge’s lower trendline around $0.093.
However, the recent and ongoing rebound from the base of this formation shows hope for Dogecoin despite trading below its 21-day, 50-day, and 200-day simple moving averages.
The charts also show that Dogecoin will soon become poised to test the 200-SMA around $0.12. The bulls can capitalize on a break above to push Dogecoin towards the $0.15 and $0.18 resistances before the $0.2 price level.
In sum, the RSI currently sits at around 38.54, which is a significant step up from the oversold reading only last week on 4 July.
Aside from price, Dogecoin is showing increasing signs of an incoming recovery amid the country's economic challenges, according to a recent adoption trend in Venezuela.
The tweet above highlights a Bloomberg report showing how Venezuelan families are now turning towards crypto, and Dogecoin in particular, as the country's migration crisis worsens.
Bloomberg’s report now paints Dogecoin as a possible frontrunner when the crypto cycle starts, as the memecoin’s use cases continue to expand.
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