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The popular Dog-themed memecoin ‘DOGE’ has regained significant ground in the latter half of October. From a local support of $0.0573, the coin price surged 31% to reach a two-month high of $0.0751. At press time, the Dogecoin price is trading at $0.06945 with a market cap of $9.82 billion as the ninth-largest cryptocurrency by market cap.
The Dogecoin Price Breakout
The recent weekly candle formation is showing that Dogecoin is giving a breakout from its multi-year low descending trendline. Popular crypto analyst Ali Martinez also stated that Dogecoin is exhibiting positive indicators as it breaks free from a multi-year descending triangle on the weekly $DOGE chart. The bullish perspective for DOGE is further bolstered by the confirmation of a buy signal from the TD Sequential indicator within this timeframe.
A look at the daily time frame chart shows the Dogecoin price is poised for a 20% recovery from the current levels. As CoinGape reported amidst Dogecoin’s sideways trajectory, an optimistic “Double Bottom” pattern has emerged, supported by the broader market rebound, propelling DOGE to its present trading value of $0.69.
Although the ongoing recovery appears sound, the coin encountered a slight setback upon reaching resistance at $0.075. Should the asset maintain its position above the minor support level of $0.067, it opens the potential for buyers to extend the recovery by an additional 20%, aiming to reach the pattern’s neckline at $0.085.
A potential breakout from this barrier would offer buyers a better confirmation to prolong the current recovery to $0.1.
DOGE Whale Movement
Whale Alert, a reputable cryptocurrency tracking platform specializing in large transactions, has identified the reactivation of a long-dormant address holding 5,392,984 Dogecoin, currently valued at $372,461. This wallet had remained inactive for approximately 9.8 years, dating back to 2013, the year when Billy Markus and Jackson Palmer introduced DOGE to the market as a playful side project.
💤 A dormant address containing 5,392,984 #DOGE (372,461 USD) has just been activated after 9.8 years!https://t.co/XKqB6FhC3K
— Whale Alert (@whale_alert) October 28, 2023
Whale Alert reported that just over three hours ago, this revived wallet transferred 392,000 DOGE to a newly created blockchain address, indicating a possible distribution of the substantial Dogecoin holdings to various wallets by this whale.
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