The crypto market is bleeding along with well-established cryptos such as Bitcoin, Ethereum, Solana, XRP, Cardano and Dogecoin. The total market cap reached $1.74 trillion, down 0.88% in the last 24 hours. On the other hand, several catalysts in price action are still bullish, and a popular meme coin is one of them.
What catalysts does the meme coin market have?
When talking about Dogecoin, there are these three catalysts that predict the meme coin to increase by at least 50% by the end of the 3rd quarter of 2022. Since May 2021, Dogecoin’s longer timeframe has formed a falling wedge, signaling a bullish reversal in the coming months. When there is price action, a falling wedge formation creates a lower value within a range visible by two descending, converging trend lines. This pattern shows that alongside the declining trading volume, the trading activity of Dogecoin is slowing with the decreasing price range.
If the wedge breaks to the upside with an increase in trading volume, the momentum can be expected to continue to the upside. So, from a technical analysis perspective, a falling wedge break could support bullish price action. So, with that, Dogecoin will see a price rally towards $0.40 if it breaks anywhere near the $0.14 level.
Elon Musk and Twitter news
As we have covered in the news of Kriptokoin.com, at the beginning of this week, social media giant Twitter announced that it will accept Elon Musk’s offer to buy the Twitter platform for $ 44 billion. Immediately after the announcement, the meme coin went bull-run with speculation that Elon Musk would add DOGE as the official payment instrument.
DOGE prepares for institutional investors
Elon Musk’s bid to buy Twitter and Twitter also saw the DOGE price move up on the same day, April 25, to gain around 20% in value. With the sight of investors, there has been a boom in individual and corporate interest.
Interest in buying Dogecoin has nearly quadrupled the average volume in one day as Musk took full ownership of Twitter.