Dogecoin has also benefited from the general crypto market rally, gaining over 7% in the past week. DOGE has settled at the $0.069 price range today, with its market cap above $9 billion, showing its massive adoption. Also, on the weekly chart, DOGE shows signs of a breakout pattern as more buyers continue to accumulate the tokens.

According to crypto analyst Ali Chart, Dogecoin has broken out of a multi-year descending triangle pattern on the weekly chart. The analyst believes this confirms a buy signal for the asset on the weekly timeframe, making its future outlook bullish. 

암호화폐 분석가인 Ali Chart에 따르면 Dogecoin은 주간 차트에서 다년간의 하락세 삼각형 패턴을 벗어났습니다. 분석가는 이것이 주간 기간에 자산에 대한 구매 신호를 확인하여 향후 전망을 낙관적으로 만든다고 믿습니다.

DOGE Breaks Out Of Descending Triangle Pattern

DOGE가 하강 삼각형 패턴에서 벗어남

DOGE entered a descending triangle pattern from July 2023 as bearish conditions in the market forced a decline. However, the buyers forced a breakout from this pattern in October as the general market moved into an uptrend. 

DOGE는 시장의 약세 상황이 하락을 강요하면서 2023년 7월부터 하강 삼각형 패턴에 진입했습니다. 그러나 10월 일반 시장이 상승세로 전환함에 따라 구매자들은 이러한 패턴에서 벗어나게 되었습니다.

Remarkably, DOGE flipped the $0.067 resistance level into support, rallying to the $0.071 resistance level. Furthermore, DOGE has formed two consecutive green candles on the weekly chart, confirming its break out of the descending triangle. 

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Additionally, the Relative Strength Index (RSI) displays a value of 51.8 in the neutral zone and moving sideways. It implies that while the buyers are dominant, some traders are beginning to make a profit, leading to a slight decline. However, if the RSI moves to 55, the buyers will likely resume the accumulation phase. 

Also, the Moving Average Convergence/Divergence (MACD) is above its signal line, displaying a buy signal on the weekly chart. Moreover, the green Histogram bars confirm that the buyers are not yet done with the accumulation of DOGE. If DOGE breaks above the $0.071 resistance level, it will likely continue on its rally in the coming weeks. 

또한 이동 평균 수렴/발산(MACD)이 신호선 위에 위치하여 주간 차트에 매수 신호를 표시하고 있습니다. 또한, 녹색 히스토그램 막대는 구매자가 아직 DOGE 축적을 완료하지 않았음을 확인시켜 줍니다. DOGE가 0.071달러의 저항선을 돌파한다면 앞으로 몇 주 동안 계속 상승세가 이어질 가능성이 높습니다.

Whale Movement Aiding Dogecoin’s Price Gains

Dogecoin의 가격 상승을 돕는 고래 운동

According to the crypto tracking platform Whale Alert, a dormant address holding over 5.39 million DOGE tokens valued at $372,461 has been reactivated. Notably, this address remained inactive for almost 10 years, with its last activity in 2013 when DOGE launched in the public market. 

Whale Alert confirmed that this whale transferred 392,000 DOGE to a new blockchain address. Also, a massive 350 million DOGE tokens were transferred to the crypto exchange Robinhood on October 27 from a whale address. 

These transfers are likely aiding Dogecoin’s rally in the past week due to increased on-chain activity. Also, the general price uptick in the crypto market led to a rally for meme coins. 

이러한 전송은 온체인 활동 증가로 인해 지난 주 Dogecoin의 랠리를 도울 가능성이 높습니다. 또한, 암호화폐 시장의 전반적인 가격 상승은 밈 코인의 랠리로 이어졌습니다.

Furthermore, Dogecoin’s profile as one of the largest cryptocurrencies by market cap is aiding its price rally. Therefore, DOGE’s uptrend may continue in the coming weeks if the general market sentiment remains positive.

또한, 시가총액 기준으로 가장 큰 암호화폐 중 하나인 Dogecoin의 프로필은 가격 상승을 돕고 있습니다. 따라서 일반적인 시장 정서가 긍정적으로 유지된다면 DOGE의 상승 추세는 향후 몇 주 동안 계속될 수 있습니다.