Dogecoin Shows Signs of Emerging from Year-Long Slump with Bullish Pennant Pattern, Will X Payments Platform Turn Out Bullish For DOGE

Dogecoin, the popular meme-inspired cryptocurrency, finally looks set to emerge from its year-long price slump. DOGE appears to be carving out a bullish pennant breakout pattern on its recovery off the recent swing lows. According to crypto analyst Cryptonary, several fundamental and technical factors are aligning to support a bull revival.

Payments Integration Would Support Utility Growth

Cryptonary cites recent money remitter license applications as a hint that DOGE may soon expand into payments and transactions. This would significantly bolster the blockchain’s real-world utility. 

With the broader crypto sector stabilizing, DOGE may finally be positioning for its next major bull cycle.

Technicals Confirm Building Upside Potential

The analysis lines up with the latest price action and momentum indications. As noted by trader World of Charts, DOGE recently formed a bullish pennant continuation pattern on its recovery attempt. This consolidation following a sharp move higher frequently gives way to upside breakouts.

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Additional analysis by altFINS suggests DOGE staged a breakout from a separate channel downtrend on improving momentum. With DOGE reclaiming its short- and long-term uptrends, the next resistance levels sit around $0.10 and $0.11 based on prior highs and the measured target of bullish pennant breakouts.

So while past optimism around DOGE ended badly after 2021’s parabolic climax, the resilient memecoin now appears positioned for a more sustainable run. Especially if real-world usage can gain traction through payments and remittances, substantial fundamental improvements could support Dogecoin’s next momentous bull run.

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!

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