Dogecoin’s technical indicators and intra-chain indicators indicate an impending price jump. However, confirming this bullish outlook requires more buyer activity.
to the Report Crypto briefing, Dogecoin is apparently the last meme Quinn to prepare for the uptrend. Intra-chain and technical indicators both indicate the beginning of the Dogecoin uptrend in the short term.
Dogecoin seems to be preparing for the leap after a five-month stabilization period.
Since late April, a descending triangle pattern has been forming in the 1-day view of the Dogecoin market. Since the $ 0.17 price support, a set of bearish ceilings has formed in the 1-day view of the Dogecoin market. Descending ceilings are conditions where the price level of the new ceiling is lower than the previous ceiling.
It seems that the increase in buying pressure has caused the price candle to cross the resistance of the descending triangle, which in itself can be considered an upward failure. If buyers can close the daily candle with a price higher than $ 0.26, the way will be paved for a 78% price increase and the return of Dogecoin to the level of $ 0.43.
The purpose of this pattern can be determined by measuring the percentage change of the vertical side of the triangle and adding it to the breaking point.
Whales return to Dogecoin Market
The large number of Dogecoin network transactions worth more than $ 100,000 can serve as a tool to measure the activity of institutional investors and market whales. A significant increase in the number of large network transactions could mean that wealthy investors are preparing to embark on a new uptrend in the digital currency market.
Recently, 2,200 large transactions were made on the Dogecoin network, representing a 100% increase in this key metric since September 28 (October 6). Increasing the volume of intra-chain activities could mean that market whales are preparing to control subsequent price movements.
If the benchmark continues to grow and reach new highs, market conditions will be in the buyers’ favor, and Dogecoin will likely have the potential to rise in price.
Achieving this bullish outlook requires closing the daily candle above the $ 0.26 level, and buyers’ inability to cross this level could lead to price correction. If the market falls, the levels of $ 0.20 and $ 0.17 will act as key price support.