DOGE Breaks Free From Multi-year Descending Order, What’s Next?
30 Oktober 2023 - 3:00PM
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Dogecoin has also benefited from the general crypto market rally,
gaining over 7% in the past week. DOGE has settled at the
$0.069 price range today, with its market cap above $9 billion,
showing its massive adoption. Also, on the weekly chart, DOGE shows
signs of a breakout pattern as more buyers continue to accumulate
the tokens. According to crypto analyst Ali Chart, Dogecoin has
broken out of a multi-year descending triangle pattern on the
weekly chart. The analyst believes this confirms a buy signal
for the asset on the weekly timeframe, making its future outlook
bullish. DOGE Breaks Out Of Descending Triangle Pattern DOGE
entered a descending triangle pattern from July 2023 as bearish
conditions in the market forced a decline. However, the buyers
forced a breakout from this pattern in October as the general
market moved into an uptrend. Remarkably, DOGE flipped the
$0.067 resistance level into support, rallying to the $0.071
resistance level. Furthermore, DOGE has formed two consecutive
green candles on the weekly chart, confirming its break out of the
descending triangle. Related Reading: Ethereum Resilient
Above $1,800 Pre-FOMC Meeting – Details Additionally, the Relative
Strength Index (RSI) displays a value of 51.8 in the neutral zone
and moving sideways. It implies that while the buyers are
dominant, some traders are beginning to make a profit, leading to a
slight decline. However, if the RSI moves to 55, the buyers will
likely resume the accumulation phase. Also, the Moving
Average Convergence/Divergence (MACD) is above its signal line,
displaying a buy signal on the weekly chart. Moreover, the
green Histogram bars confirm that the buyers are not yet done with
the accumulation of DOGE. If DOGE breaks above the $0.071
resistance level, it will likely continue on its rally in the
coming weeks. Whale Movement Aiding Dogecoin’s Price Gains
According to the crypto tracking platform Whale Alert, a dormant
address holding over 5.39 million DOGE tokens valued at $372,461
has been reactivated. Notably, this address remained inactive for
almost 10 years, with its last activity in 2013 when DOGE launched
in the public market. Whale Alert confirmed that this whale
transferred 392,000 DOGE to a new blockchain address. Also, a
massive 350 million DOGE tokens were transferred to the crypto
exchange Robinhood on October 27 from a whale address. These
transfers are likely aiding Dogecoin’s rally in the past week due
to increased on-chain activity. Also, the general price uptick in
the crypto market led to a rally for meme coins. Related
Reading: Crypto Analyst Presents Uniswap’s UNI As The Next Coin
Primed For Breakout Furthermore, Dogecoin’s profile as one of the
largest cryptocurrencies by market cap is aiding its price rally.
Therefore, DOGE’s uptrend may continue in the coming weeks if the
general market sentiment remains positive. Featured image from
Shutterstock and chart from TradingView.com
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