The world’s largest memecoin has been showing some good movement with the Dogecoin price gaining more than 10% over the last week. At press time, DOGE is trading at $0.068 with a market cap of $9.75 billion as the ninth-largest cryptocurrency by market cap.
The recent weekly candle formation is showing that Dogecoin is giving a breakout from its multi-year low descending trial. 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.
On the other hand, the Dogecoin price chart also hints at the potential of a 20% recovery from the current levels. 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 initial 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.
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.
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.