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Dogecoin (DOGE) Still Moves in Ascending Triangle, Here's Your Breakout Scenario

Tue, 02/28/2023 - 17:00
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Arman Shirinyan
Digital assets might face solid volatility spike in foreseeable future, data shows
Dogecoin (DOGE) Still Moves in Ascending Triangle, Here's Your Breakout Scenario
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Despite the correction we saw on the market recently, most digital assets today are showing enough resilience and might retrace in the foreseeable future. However, it is important to research each and every case on the market.

Dogecoin's pattern

Dogecoin (DOGE), the meme-inspired cryptocurrency, has been moving in an ascending triangle pattern for the past several months, and a breakout could be just around the corner. While DOGE has been trading in a downtrend for the past 120 days, the formation of this pattern may indicate a potential reversal is in the works.

DOGE chart
Source: TradingView

An ascending triangle pattern is a bullish formation where the asset's price consolidates between two trend lines, with the upper trend line being the horizontal resistance and the lower trend line being a rising support line. Typically, when the price reaches the apex of the triangle, it can break out in either direction, but in an ascending triangle, the bias is bullish, making a breakout to the upside more likely.

While DOGE's price has been consolidating within this pattern, it has yet to show any strong breakout potential. However, as the triangle nears its end, we may see a spike in volatility, and a move upward could be in the cards. If a breakout occurs to the upside, we could see DOGE rally to levels not seen since its all-time high in May.

ANKR whales taking profits

ANKR whales are making moves on the network, and it is catching the attention of investors. According to recent transactions on the ANKR network, a whale transferred a massive 29 million ANKR, which is worth around $1.22 million, to Binance just a few hours ago. This is a sign that some investors are taking profits as the price of ANKR has been steadily increasing in recent weeks.

The whale received 28.9 million ANKR from Binance on Jan. 30 when the price was $0.025. Now, with the price of ANKR soaring to new heights, it appears that this whale is looking to cash in on their holdings. By selling their ANKR, the whale stands to make a profit of close to $500,000.

This move by the ANKR whale is significant, as it shows that even large investors are not immune to taking profits. With ANKR's price on the rise, it is understandable that some investors would want to cash in their holdings while they can. However, it remains to be seen whether this will lead to a broader sell-off in the ANKR market.

BLUR reaches new local low

The BLUR token, which has been promoted by investors and entrepreneurs alike, is now trading at a new local low as its price performance has suffered from increased selling pressure. Several prominent holders of the asset have recently sold their holdings, indicating a lack of interest in holding it through the current market.

Despite the previous hype around the token, the current situation suggests that BLUR holders are beginning to see the risks associated with the asset. Furthermore, the upcoming airdrop has been cited as one of the primary reasons for the recent selling activity, with many analysts warning that it will put additional pressure on an already struggling token.

The price of BLUR has dropped significantly in recent weeks, with many investors starting to worry about the future of the asset. The token is currently trading at a new local low, which has led to fears that the price could drop even further in the coming days and weeks.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.