The world’s largest memecoin Dogecoin (DOGE) has been more or less quiet in the altcoin market rally for the past few weeks. However, it seems that Dogecoin is preparing for a strong breakthrough on the technical chart.
Looking at the multi-year chart of Dogecoin (DOGE), the DOGE price forms a steeply descending triangle. Popular crypto analyst Ali Martinez explains that the last time DOGE formed the descending triangle chart pattern, it was up 23,200%. Any sustained close above $0.08 could be strong confirmation for this.
#Dogecoin | The last time, a descending triangle developed on the monthly chart $DOGE 23,200% inflated! 👀
I will look for a sustained monthly close above $0.80 for confirmation. pic.twitter.com/RVgymwIhtK
— Ali (@ali_charts) July 23, 2023
Of course, past results are no guarantee of future performance. However, this technical breakthrough would certainly be bullish for Dogecoin (DOGE) investors.
Dogecoin (DOGE) Whale activity is on the rise
Lately, many 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 over the past week in the total amount of DOGE held by major investors, known as “whales”.
Previously, on July 16, there were only 770 major transactions involving DOGE, but now that number has risen to 1,300. These large transactions involve more than $100,000 in DOGE.
At the time of writing, Dogecoin (DOGE) is trading at $0.071 and facing minor resistance at $0.072. Around this price, 8,180 Dogecoin addresses bought 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 was bought by 599,390 addresses. These levels can potentially act as a barrier to preventing further price increases.
Among its fellow meme coins, DOGE stands out as a positive example. As the first and largest meme coin, Dogecoin has shown better growth compared to others.
Another key catalyst for DOGE could be Tesla keeping DOGE payment despite displacing Bitcoin. Moreover, with the support of Elon Musk and other advocates, Dogecoin’s potential has gained more attention and recognition in several areas.
Bhushan is a FinTech enthusiast and has a good flair for understanding financial markets. His interest in economics and finance draws his attention to the new emerging Blockchain Technology and Cryptocurrency markets. He is in a continuous learning process and keeps himself motivated by sharing his acquired knowledge. In his spare time he reads thriller fiction novels and sometimes explores his culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
This post Dogecoin price on the brink of massive breakout on chart
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