Dogecoin may be gearing up to outperform the crypto market this month. A technical analysis of the Dogecoin/Bitcoin pair reveals a bullish double bottom pattern. This setup suggests a potential reversal from a downtrend to an uptrend, which could result in a substantial market gain for Dogecoin.
The analysis from crypto analyst Trader Tardigrade highlights the formation of this pattern on the monthly candlestick timeframe, reminiscent of March 2021 when Dogecoin experienced an explosive rally. If the pattern holds, Dogecoin is projected to potentially reach $2.2.
Additionally, a bullish divergence on Dogecoin's daily RSI indicates a momentum shift, suggesting that buyers may regain control soon despite recent price declines.