Dogecoin (DOGE) exhibits a multi-year breakout from a descending triangle, gaining over 10% in a week, aiming for $0.1 with potential 20% recovery.
Key Takeaways
- Dogecoin (DOGE) has seen a resurgence with a 10% gain in the past week, trading at $0.068.
- Analysts suggest a bullish breakout as DOGE breaks free from a multi-year descending triangle on the weekly chart.
- A “Double Bottom” pattern and a potential 20% recovery signal optimism for DOGE.
- A dormant DOGE whale, inactive for nine years, has reactivated, sparking curiosity among investors.
The world’s favorite meme-inspired cryptocurrency, Dogecoin (DOGE), is making waves once again as it gains more than 10% in the past week, currently trading at $0.068. With a market cap of $9.75 billion, it stands as the ninth-largest cryptocurrency by market capitalization.
DOGE Whale Movement
Analysts are abuzz about a potential multi-year breakout for DOGE. The weekly candle formation indicates a bullish breakout from a long-standing descending triangle. Crypto analyst Ali Martinez notes the positive indicators on the weekly $DOGE chart and points to a buy signal from the TD Sequential indicator.
Adding to the optimism, a “Double Bottom” pattern has emerged, suggesting the possibility of a 20% recovery from the current levels. However, DOGE did face some resistance at $0.075 during its recent ascent. To maintain upward momentum, DOGE must hold above the initial support level of $0.067, which could potentially lead to a 20% gain, targeting the pattern’s neckline at $0.085.
📈 A dormant @dogecoin whale has also woken up after nine years of inactivity thereby sparking curiosity among #Dogecoin investors. 🐳
📰 Get latest #CryptoNews follow @CoinGapeMedia. 🔔https://t.co/gWaWkpuoWu
— Crypto News (CoinGape) (@CoinGapeMedia) October 30, 2023
In a surprising turn of events, a long-dormant Dogecoin whale has awakened from a nine-year slumber. This whale, holding 5,392,984 DOGE valued at $372,461, had remained inactive since 2013 when DOGE was introduced by Billy Markus and Jackson Palmer as a playful side project. The whale recently transferred 392,000 DOGE to a newly created address, indicating a possible distribution of its substantial holdings to various wallets.
Overall
The resurgence of Dogecoin, coupled with positive technical signals and the awakening of a long-dormant whale, has brought renewed interest to the meme-inspired cryptocurrency. The potential breakout from the multi-year descending triangle and the “Double Bottom” pattern signal that DOGE might have more room to grow. However, investors should keep a close eye on key support and resistance levels as they navigate this volatile market.
