Dogecoin Price Levels Signaling Multi-Year Breakout

Dogecoin

A long-dormant Dogecoin whale, inactive for nine years, has suddenly become active again, piquing the interest of Dogecoin investors. This unexpected activity has drawn attention within the Dogecoin community.

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The largest memecoin in the world, Dogecoin, has demonstrated positive performance, with its price increasing by over 10% in the past week. Currently, DOGE is trading at $0.068, and its market capitalization stands at $9.75 billion, making it the ninth-largest cryptocurrency by market cap.

Dogecoin Breaks Free from Multi-Year Descent

Recent candlestick patterns in the weekly chart suggest that Dogecoin is breaking out of a multi-year descending trend. Crypto analyst Ali Martinez highlights positive signs as Dogecoin escapes this long-standing descending triangle on the $DOGE weekly chart. The bullish outlook for DOGE receives additional support with a buy signal confirmed by the TD Sequential indicator within this time frame. This development is sparking optimism among Dogecoin enthusiasts.

Courtesy: Ali Charts

Dogecoin’s Potential for 20% Recovery

While Dogecoin’s recent sideways movement has been notable, there’s also potential for a 20% recovery from its current levels. A promising “Double Bottom” pattern, as previously reported, has emerged, supported by a broader market rebound, bringing Dogecoin to its current trading value of $0.69.

 

However, it’s worth noting that the coin encountered a minor setback when it reached resistance at $0.075. If the asset maintains its position above the initial support level of $0.067, it could pave the way for buyers to extend the recovery by an additional 20%, with the aim of reaching the pattern’s neckline at $0.085. This presents an interesting opportunity for Dogecoin investors.

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Long-Dormant Dogecoin Wallet Reactivates

Whale Alert, a reputable cryptocurrency tracking platform known for monitoring large transactions, has identified the reactivation of a previously inactive address holding 5,392,984 Dogecoin. This wallet, with a current value of $372,461, had remained dormant for approximately 9.8 years, dating back to 2013 when DOGE was introduced by Billy Markus and Jackson Palmer as a playful side project.

Just over three hours ago, Whale Alert reported that this reactivated wallet transferred 392,000 DOGE to a newly created blockchain address. This move suggests a possible distribution of a significant amount of Dogecoin from this long-dormant wallet to various other addresses. The revival of this wallet has garnered attention within the Dogecoin community.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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