The world’s largest memecoin has been showing some good movement with the Dogecoin price gaining more than 10% over the last week. At press time, DOGE is trading at $0.068 with a market cap of $9.75 billion as the ninth-largest cryptocurrency by market cap.
The Dogecoin Price Breakout
The recent weekly candle formation is showing that Dogecoin is giving a breakout from its multi-year low descending trial. Popular crypto analyst Ali Martinez also stated that Dogecoin is exhibiting positive indicators as it breaks free from a multi-year descending triangle on the weekly $DOGE chart. The bullish perspective for DOGE is further bolstered by the confirmation of a buy signal from the TD Sequential indicator within this timeframe.
On the other hand, the Dogecoin price chart also hints at the potential of a 20% recovery from the current levels. As CoinGape reported amidst Dogecoin’s sideways trajectory, an optimistic “Double Bottom” pattern has emerged, supported by the broader market rebound, propelling Doge to its present trading value of $0.69.
Although the ongoing recovery appears sound, the coin encountered a slight setback upon reaching resistance at $0.075. Should the asset maintain its position above the initial support level of $0.067, it opens the potential for buyers to extend the recovery by an additional 20%, aiming to reach the pattern’s neckline at $0.085.
DOGE Whale Movement
Whale Alert, a reputable cryptocurrency tracking platform specializing in large transactions, has identified the reactivation of a long-dormant address holding 5,392,984 Dogecoin, currently valued at $372,461. This wallet had remained inactive for approximately 9.8 years, dating back to 2013, the year when Billy Markus and Jackson Palmer introduced DOGE to the market as a playful side project.
💤 A dormant address containing 5,392,984 #DOGE (372,461 USD) has just been activated after 9.8 years!https://t.co/XKqB6FhC3K
— Whale Alert (@whale_alert) October 28, 2023
Whale Alert reported that just over three hours ago, this revived wallet transferred 392,000 DOGE to a newly created blockchain address, indicating a possible distribution of the substantial Dogecoin holdings to various wallets by this whale.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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