The price of Dogecoin is continuing to spiral upwards, suggesting that a volatile trend is coming in the near future. Evidence from on-chain metrics suggests that bulls are more likely to win.

The price of Dogecoin shows the formation of a descending triangle that connects the lower highs of four and three lows that are equal in May 12 by using trend lines. This technical pattern predicts an 18% increase calculated when you add the length of the swing high and the low until the point of breakout.

Dogecoin price and bullish narratives

A descending triangle may have an inclination towards bearishness however, the recent rebound suggests a possible an upward trend. The reason this outlook is credible is the fact that price has turned the $0.082 resistance line into a floor of support.

Investors have to be patient until a decisive 4-hour candlestick that closes over $0.087 to confirm an upward breakout. If this occurs the target for theoretically lies at $0.100 which is determined through measuring the gap from the swing high at the beginning and low and then the breakout point , which is $0.087.

Despite a bullish reversal, DOGE must overcome the $0.093 obstacle in order to hit its goal. In certain instances the move could go up to $0.101.

A strong evidence of the bullish outlook for Dogecoin's price is the rise by the numbers of people who hold DOGE for longer than one year. The number of market participants has grown by 1.74 millions on May 8 and 2.49M on June 5.

This increase of 43% for long-term investors suggests that they are confident about the bullish performance of Dogecoin price.

No matter how bullish the technological and on-chain indicators any correction or decline in Bitcoin price may put bulls strategies dead on arrival. Investors should be wary about a sudden turn in Dogecoin price that results in the price to fall lower than $0.076.

A move like this would constitute a bearish breakout of the triangle that descends and would discredit the bullish theory. In this scenario it is predicted by the theoretical forecasts an 18% drop towards the $0.062 the floor of support.

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