The cryptocurrency world continues to change every day and investors are closely following potential opportunities in this market. In this context, analyst The Flow Horse offered an interesting analysis on Dogecoin (DOGE).
Looking at the weekly charts, the popular trader noted that DOGE broke above the crossover resistance, which is an important turning point. observed He stated that this situation indicates a great upward potential.
In particular, the analyst points out Elon Musk’s interest in DOGE. Musk’s posts and statements about DOGE increase the popularity of the digital asset and attract the attention of more investors. This is seen as a factor that supports DOGE’s potential.
“All risky assets are experiencing sudden increases. I always have to remind myself that Elon Musk has X, and the downsides of the world’s most beloved commoditized dog are extremely limited. I think DOGE will bark again soon.”
DOGE is not the only meme coin followed by Trader. The Flow Horse thinks another popular meme coin, Pepe (PEPE), is also likely setting the stage for an upward move. However, the trader warns that PEPE may fall further before rising.
“I add a futures investment to the PEPE position. I think we may drop a little more, but I do not think it is too early for the Burj Khalifa formation. “As leaders push further up, I expect some more FOMO (fear of missing out) to occur.”
Burj Khalifa is a bearish pattern in which a crypto asset, reminiscent of the structure of the world’s tallest building, loses most of its gains after a steep rise.
You can follow the current price movement here.