Dogecoin poised to break $0.60 as momentum accelerates

Memecoins have been on a wild price ride lately, but the rally has waned and Dogecoin (DOGE) price has retraced but maybe not for long.

Analysis shared on 8 October suggests that the number one memecoin may be getting ready for another bullish move as momentum is building up.

Move to $0.6 in play

DOGE rose to a price of $0.29 in September, but the general market corrected the price lower, and is currently trading at $0.24. 

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However, the analyst known as “Butterfly” sees the memecoin shooting to $0.60 again based on the momentum that is currently building up.

He described the coin as being in a symmetrical triangle, which describes two trendlines for lower highs and higher lows converging.

This pattern typically means the asset is in a consolidation phase and with strong enough momentum can break out to the upside as he predicts.

However, the pattern can break in the opposite direction as well if the momentum is not sufficient to drive the price upward, but there seems to be enough fuel.

Quite notable is the news of a potential ETF approval. ETFs are the easiest way to secure the confidence of institutional investors and if it is approved for Dogecoin, the price will get a bigger push.

Boosting DOGE’s value

DOGE has been riding on the wings of celebrities like Elon Musk to reward investors, but it may be time to raise the bar.

In the past, the team behind the project implemented some changes to make the network really useful beyond just being a fun crypto asset.

The frenzy around that has greatly reduced and not much is being spoken of it anymore, returning the coin to its former days of just being a meme. 

Its supporters and investors still seem persuaded that it is worth investing in though, and many expect that it could get to $10 some day.