Historical Pattern Points Toward Massive Surge in Dogecoin Price

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Historical Pattern Points Toward Massive Surge in Dogecoin Price
Credit: © Reuters.

  • DOGE price has been building a powerful descending triangle on its long-term chart.
  • The active addresses have increased by around 22.3% during the previous week.

When it comes to the recent cryptocurrency market rise, the leading memecoin Dogecoin (DOGE) has shown decent performance. On the technical chart as well Dogecoin seems to be gearing up for a significant breakthrough.

Dogecoin’s (DOGE) price has been building a powerful descending triangle on its long-term chart. The previous time DOGE created the descending triangle chart pattern, the memecoin saw a surge of 23,200%, according to popular crypto analyst Ali Martinez. A prolonged closure over $0.08 would be a significant indicator of such.

Naturally, the past cannot be used as a confirmed predictor of the future. For Dogecoin (DOGE) holders, though, such a technical breakthrough would be very positive.

Positive Developments

Dogecoin (DOGE) has recently attracted the attention of several cryptocurrency traders. The number of DOGE owned by whales has increased significantly over the last week, according to statistics from the crypto analytics portal IntoTheBlock.

Furthermore, more than half of all DOGE addresses have become profitable again because of the 40% price increase in Dogecoin over the previous six weeks.

Also, the active addresses have increased by around 22.3% during the previous week. The number of new addresses has also surged dramatically, by roughly 53.28 percent. Although, there was also a 17.47% increase in the number of DOGE addresses that were empty.

Dogecoin’s potential has been garnering greater attention and acknowledgment in numerous domains, thanks in part to Elon Musk and other supporters. At the time of writing, Dogecoin was trading at $0.07363 with a sudden surge of over 3% as per data from CMC (NS: CMC ). The 24-hour volume witnessed a 171% uptick and the market cap is up by 2.72%, standing at $10,337,548,584.

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