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Dogecoin (DOGE) Might Break Out Soon, Analyst Says, Here's What's Happening

Mon, 01/23/2023 - 15:52
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Yuri Molchan
Original meme coin is currently attempting to break out as it has reached new milestone
Dogecoin (DOGE) Might Break Out Soon, Analyst Says, Here's What's Happening
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Pseudonymous crypto analyst @rektcapital with nearly 334,000 followers on Twitter has published a screenshot of a Doge/USD chart, showing that the most popular canine token is striving to break out of a pattern, which is often followed by a price rise.

In the meantime, DOGE has become important once again for the largest whales on Binance Smart Chain, at least during the period of the past 24 hours.

DOGE in Falling Wedge

The analyst stated that the original meme coin is moving within the Falling Edge pattern now, testing its top and striving to break out. The Falling Wedge is one of the reverse patterns, and when it appears, the price of an asset often goes upward.

Its opposite is a Rising Wedge pattern, which often pushes the price of an asset down. He tweeted:

$DOGE is now testing the top of the Falling Wedge, trying to challenge for a breakout

At the time of this writing, the favorite digital asset of tech billionaire Elon Musk is trading at $0.08833, showing a rise of slightly over 1% in the past 24 hours. Over the past week, it has surged by nearly 6%, according to data shared by CoinMarketCap.

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DOGE becomes one of top purchased coins

According to prominent on-chain data tracker WhaleStats, specifically its branch that deals with data related to Binance Smart Chain wallets, Dogecoin has again emerged on the top 10 list of most purchased cryptocurrencies for the aforementioned wallets during the past 24 hours.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.