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Dogecoin, the largest memecoin in the world, has remained relatively quiet during the recent altcoin market rally. However, the technical outlook indicates that Dogecoin is preparing for a strong breakout with its descending triangle pattern on the price chart.
23,200% Increase Possible in Dogecoin
The weekly price chart of Dogecoin, a popular altcoin, suggests that DOGE has formed a strong descending triangle pattern. Crypto analyst Ali Martinez points out that when DOGE last formed a descending triangle chart pattern, it saw a 23,200% increase. For the pattern to work, any sustained candlestick closing above $0.08 for the memecoin may be sufficient.
Of course, there is no guarantee that assets with high volatility, such as altcoins, will repeat their past price movements against a pattern. However, a breakout from this particular pattern will undoubtedly result in an upward movement for Dogecoin and drive its price higher.
Increasing Whale Activity in Dogecoin
Recent data shows an increasing interest in DOGE from many cryptocurrency investors. According to the data from crypto analytics platform IntoTheBlock, there has been a significant increase in the total amount of DOGE held by large cryptocurrency investors, also known as whales, throughout the past week. As of July 16th, there were only 770 large transactions containing over $100,000 worth of DOGE. Currently, the number of these transactions has risen to 1,300.
At the time of writing, the popular altcoin is trading at $0.07166, experiencing a 0.77% decrease in the last 24 hours, with a small resistance at $0.072. Around this price level, a total of 382.79 million DOGE has been purchased by 8,180 Dogecoin wallet addresses. The next significant resistance range for Dogecoin is between $0.072 and $0.085, where 40.22 billion DOGE has been purchased by 599,390 Dogecoin wallet addresses. These levels act as potential barriers to further price increases.
As is known, Dogecoin plays a significant guiding role for other memecoins. The price movements of the first and largest memecoin are often copied by other memecoins.
