Dogecoin, the prominent meme cryptocurrency, has maintained its status as the largest meme coin in the market, sparking considerable discussion among investors. Despite recent price fluctuations, a significant bullish pattern has emerged on the chart, potentially altering the trajectory of the meme coin.

The Formation of a Bullish Inverse Head and Shoulders Pattern

While Dogecoin's recent price movements may have been lackluster, they have led to the formation of one of the most bullish patterns observed recently. As noted by crypto analyst Benji Hyam, the Dogecoin chart has developed an inverse head and shoulders pattern.

According to the analysis shared on TradingView, this pattern signals bullish sentiment for the meme coin. Such formations often indicate the beginning of substantial rallies that could propel the Dogecoin price to new yearly highs.

Although the Dogecoin price initially showed signs of breaking out when the analysis was posted on June 5, it has since retraced to around $0.16, failing to sustain the breakout. Nonetheless, the analyst emphasizes that as long as Dogecoin maintains support above $0.158, it could continue its upward trajectory. The analyst suggests that Dogecoin has until Sunday to confirm this bullish scenario, failing which it could face a downturn.

Focus on Dogecoin Ordinals

Following the popularity of Bitcoin Ordinals, Dogecoin ordinals have gained attention as well. While not as widely discussed as their Bitcoin counterparts, they have become a notable feature on the blockchain. A recent announcement from the MyDogeWallet team confirms their importance.

According to Alex, the CTO of MyDogeWallet, the wallet will now support Dogecoin ordinals, commonly referred to as Doginals, along with DRC-20 tokens created on the blockchain. Alex informed the community that the launch of this feature is imminent, expected to be rolled out over the weekend. This development underscores the significance of Ordinals on the Dogecoin network and could potentially contribute to improved price performance for DOGE.