The analyst also outlines a bullish formation on the chart, which is a completed triangle breakout pattern. The completion of the bullish pattern is what had led to the initial bullish impulse before the price began to correct downward again.
The meme coin has already seen a recovery coming out of the weekend, suggesting that the $0.22 psychological level would hold completely through the uncertain market headwinds. Now, if the Dogecoin price is still able to hold this psychological level, then it could be the signal that crypto investors are buying heavily into the altcoin.
