Dogecoin (DOGE) Gives A Multi-year Descending Triangle Breakout

• DOGE has recently broken free from a multi-year descending triangle and the TD Sequential indicator has confirmed a buying opportunity on the weekly chart.
• The recent consolidation has also led to the formation of a bullish ‘Double Bottom’ pattern, contributing to DOGE’s current trading price of $0.69.

As the broader cryptocurrency market continues to show strength, the world’s largest memecoin – Dogecoin – is showing signs of a bullish price action going ahead. At press time, Dogecoin is trading 0.22% up at a price of $0.06868 and a market cap of $9.726 billion.

The most recent weekly candle pattern indicates a breakout for Dogecoin, as it emerges from a multi-year descending triangle. Well-known crypto analyst Ali Martinez echoed this sentiment, highlighting the positive signs as Dogecoin breaks out of the long-term descending triangle visible on the weekly $DOGE chart. These optimistic prospects for DOGE are reinforced by the TD Sequential indicator, which has signaled a buying opportunity within this timeframe.

Over the past half-year, Dogecoin has undergone a consolidation phase, repeatedly rebounding from an ascending support trendline in the $0.055-$0.06 range on three separate occasions. These reversals indicate that buyers are actively entering the market at these levels, considering them attractive entry points.

Furthermore, this sideways movement has contributed to the development of a bullish reversal pattern known as the ‘Double Bottom’ pattern. Fueled by this pattern and the broader market’s recovery, Dogecoin has seen its trading price rise to the current level of $0.69.

While the continuation of this recovery appears to have validity, the cryptocurrency experienced a minor pullback upon encountering resistance around $0.075. Should the asset maintain its position above the immediate support level of $0.067, buyers may extend the recovery by an additional 20%, reaching the pattern’s neckline at $0.085.

A breakthrough above this neckline would serve as a robust bullish signal, potentially initiating a rally beyond the psychological barrier of $0.1.

Dogecoin Whale Awakens after 9 Years

Whale Alert, a well-regarded cryptocurrency tracker known for monitoring large crypto transactions, has identified the reactivation of a previously dormant wallet containing 5,392,984 Dogecoin, now valued at $372,461.

According to the cryptocurrency tracking platform, the last recorded activity of this wallet took place nearly a decade ago, around 9.8 years ago in 2013. Notably, 2013 was the year when creators Billy Markus and Jackson Palmer introduced Dogecoin (DOGE) to the crypto community. DOGE initially came into the crypto market as a humorous and satirical take on Bitcoin.

Whale Alert reported that the reactivated wallet transferred 392,000 DOGE to a different blockchain address, which happened to be a newly created wallet. This transaction suggests a possible distribution of the Dogecoin holdings to various wallets.

Last week, between October 25 and October 26, Dogecoin, the original meme-inspired cryptocurrency, saw a significant increase of 16.11%. During this period, its price surged from $0.0649 to $0.0753. The surge in DOGE’s value was influenced by a broader market uptrend and Bitcoin’s 13% price increase, which propelled it past the $34,100 mark on October 24.

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