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This Technical Breakout on Dogecoin (DOGE) Could Lead to 23,200% Price Rally
The world’s largest memecoin Dogecoin (DOGE) has been more or less silent in the altcoin market rally over the past few weeks. However, it seems that Dogecoin is preparing for a strong breakout on the technical chart.
In we look at the multi-year chart of Dogecoin (DOGE), the DOGE price has been forming a strong descending triangle. Popular crypto analyst Ali Martinez explains that the last time, DOGE formed the descending triangle chart pattern, it rallied by 23,200%. Any sustained close above $0.08 could give a strong confirmation for the same.
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#Dogecoin | The last time a descending triangle developed on the monthly chart $DOGE pumped 23,200%! 👀
I’ll be looking at a sustained monthly close above $0.80 for confirmation. pic.twitter.com/RVgymwIhtK
— Ali (@ali_charts) July 23, 2023
Of course, past results don’t guarantee future performance. However, this technical breakout would be certainly bullish for Dogecoin (DOGE) investors.
Dogecoin (DOGE) Whale Activity on the Rise
Lately, a lot of crypto investors have been paying attention to Dogecoin (DOGE). According to data from the crypto analytics platform IntoTheBlock (ITB), there has been a significant increase in the total amount of DOGE being held by big investors, also known as “whales,” in the current week.
Before, there were only 770 large transactions involving DOGE as of July 16, but now that number has risen to 1,300. These large transactions are those involving more than $100,000 worth of DOGE.
As of press time, Dogecoin (DOGE) is trading at $0.071 and faces a tiny resistance at $0.072. Around this price, 8,180 Dogecoin addresses purchased a total of 382.79 million DOGE. The next significant resistance range for Dogecoin is between $0.072 and $0.085, where 40.22 billion DOGE were bought by 599,390 addresses. These levels could potentially act as barriers to prevent further price increases.
Among its fellow meme coins, DOGE stands out as a positive example. Being the first and largest meme coin, Dogecoin has shown better growth compared to others.
Another major catalyst for DOGE could be Tesla retaining DOGE payment, despite ousting Bitcoin. Moreover, with the support of Elon Musk and other advocates, Dogecoin’s potential has been gaining more attention and recognition in various areas.
