The largest memecoin dog coin (DOGE) continues to show a positive price trend, with an increase of over 10% last week. As of the writing of this article, the trading price of DOGE is $0
The largest memecoin dog coin (DOGE) continues to show a positive price trend, with an increase of over 10% last week. As of the writing of this article, the trading price of DOGE is $0.06873, with a market value of $9.73 billion, making it the ninth largest cryptocurrency and eighth largest counterfeit currency by market value. So, what is the next step for this popular counterfeit coin? Let's take a closer look.
A Major Breakthrough in Dog Coin
The recent weekly candle pattern indicates that dog coins have broken through the downward resistance trend line that has long suppressed their prices. Experienced cryptocurrency analyst Ali Martinez stated that after breaking through this important downward triangle within the weekly time frame, counterfeit coins have shown positive indicators. The bullish outlook of DOGE is further supported by the confirmation of the buy signal of TD sequence indicators within the same time range.
In addition, the price chart of Dogcoin shows that it may rebound by 20% from the current level. In the context of lateral fluctuations in Dogcoin, the optimism and recovery of the cryptocurrency market have led to the formation of a double bottom pattern, driving the current price of Dogcoin to reach $0.69.
Although the sustained recovery seems strong, the counterfeit currency has slightly rebounded after reaching the resistance level of $0.075. At present, the first support level for DOGE is above $0.067. If the price remains above this level, buyers may continue to rebound by 20% and touch the neckline of $0.085.
Whale activity around DOGE
WhaleAlert, a well-known cryptocurrency data platform specializing in large transactions, has detected that a wallet address that has been dormant for a long time, holds 5.39 million DOGs, and is worth $372461 is once again active. Since Billy Markus and Jackson Palmer launched DOE as an interesting side project in 2013, the wallet address has been idle for approximately 9.8 years.
WhaleAlert reported that approximately three hours ago, 392000 DOGE was transferred from this reactivated wallet address to the newly created wallet address, and the whale assigned a large number of DOGE to various wallet addresses.
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