- DOGECOIN (DOGE) remains high above support, despite a drop of 28% in 30 days, reflecting broader trends on the market.
- The activity of whales has increased, with 110 million Doges recently purchased, reporting confidence in a price wave.
- Technical indicators, including a symmetrical triangle and a potential “double background”, suggest that DOGE could rally.
DOGECOIN (DOGE) kept strong above its level of critical support, creating optimism between investors and merchants. While the same part has had a drop of 4% in last week, its performance in the last 30 days was notably lower, with a significant drop of 28%.
This decrease reflects the broader trend of the market, largely influenced by the recent difficulties of Bitcoin, which caused the fear of investors and contributed to the overall slowdown in the market. However, with the market from a lowering to a more optimistic phase, Dogecoin begins to show signs of recovery and could be ready for an escape.
In the last 48 hours, there has been a notable influx Capital of large investors, whales buying 110 million Dogecoin (DOGE). This accumulation of Doge has aroused renewed interest in the token, because it indicates the confidence of important market players who see the potential in the next price movement.
Dogecoin Technical Configuration reports a potential explosive rally
Crypto trader and market analyst, late late, drew attention to a technical model in development, indicating that a major movement can be imminent for Dogecoin. According to TardigradeDogecoin forms a symmetrical triangle on its price table, a diagram often associated with significant escape or ventilation. With this technical configuration, the anticipation of a potential rise in power increases, while traders await the next decision.
Adding to optimism, Tardigrade also highlighted the possibility of a formation of “double background”. A double background occurs when the price of an asset falls to a low point similar twice before reverse upwards, and it is often considered as a bull signal.
Dogecoin previously formed a double background model in August and September 2024, followed by an impressive rally. Given this historic precedent, there is a strong conviction that Dogecoin could feel another major push if this model takes place again.
While the cryptocurrency market enters a new bullish phase, the resilience of Dogecoin and the positive signs emerging from its technical table fuel the speculations according to which the meter piece can be on the brink of another explosive rally.
With the activity of whales, technical models and market feelings in favor of the favor of Dogecoin, it seems that Doge could prepare for its next big movement. Investors are advised to closely monitor the situation while the memes piece continues to navigate in its recovery phase.
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