Dogecoin (DOGE) price is closely following the $0.23 trajectory as apex meme coin shows keen interest in scaling heights to reach the $0.43 zone.

This is founded on the formation of an inverse head and shoulders pattern, which is said to usually depict the end of a downtrend.

Hence, this bullish signal depicts a trend reversal to the upside amid Dogecoin price also witnessing skyrocketing daily trading volume.

According to CoinMarketCap data, DOGE’s daily trading volume recently hit the $3.38 billion mark, illustrating increased investor interest and improved liquidity.

Dogecoin Continues to Form Higher Lows

According to market analyst Amina Chattha, “DOGE has broken its downtrend and is now forming higher lows with strong bullish momentum. If support near $0.2300 holds, the price is likely to push back toward $0.26 and beyond.”

output: Higher lows usually depict a bullish trend because whenever they are paired with higher highs, an uptrend is often confirmed.

Thus, a bullish picture continues to be painted in the Dogecoin ecosystem with traders going long after more than $10 billion was recently pumped into the meme coin market.

This is because at least 69.5% of open positions on Binance Futures had taken the long position, illustrating a spike in trader optimism.