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Dogecoin: Can THIS bullish pattern help DOGE hit $0.42?
In a stunning turn of events, the price action of Dogecoin (DOGE) has sparked speculation that it may be poised for a 30% rally. This sudden surge is fueled by an astonishing 40% increase in large transaction volume and a significant $20.65 million outflow from exchanges worldwide.
Dogecoin’s on-chain metrics have revealed a 360% jump in large transaction volume, suggesting the participation of crypto whales or institutions driving this momentum. Furthermore, Coinglass data has shown consistent outflows of DOGE from exchanges since its price decline.
As a result, analysts are now eyeing Dogecoin’s chart to determine if these recent developments will be sufficient to propel DOGE above $0.30 and potentially to the $0.42 mark.
A closer examination of Dogecoin’s technical analysis reveals that it has successfully formed a bullish double-bottom pattern on its daily timeframe. Having established the first bottom, it is now poised to create the second one, with the potential for a significant price rebound if support holds.
While DOGE’s current price momentum is not particularly strong at press time, with a 2.55% decline over the past day and a 20% drop in trading volume, this might just be a pause ahead of the big push upwards.
Source: ambcrypto.com
