According to market information, #Dogecoin (#DOGE ), the largest memecoin, may rise along the formation formed by weekly charts.

There was a loss in the crypto market due to the tension that broke out in the Middle East. While BTC fell by about 10 percent, there was a severe outflow of money from altcoins.

Dogecoin (DOGE) on the rise Dogecoin (DOGE), the leading memecoin in the crypto market, may be under the support of a significant price movement. According to AMBCrypto's analysis, the movements that emerged on weekly charts signal an increase of 90 to 180 percent on average.

DOGE gained strength with the retest of the "Falling Wedge" pattern on the daily time frame. The analysis examining the data in question commented, "If DOGE continues this gain, it may offer more earning opportunities."

If a positive breakout occurs in the formation, a pullback in DOGE price is expected. The analysis said, "If the resistance cannot be broken, DOGE may be more than a zero."

According to historical changes, the formation in question first appeared in 2017 and led to a 90 percent rally. AMBCrypto argued that the formation occurred in 2021 and its price increased by 180 percent. It was predicted that a similar scenario could occur for DOGE, which is in the consolidation phase.

The Dogecoin network has shown significant growth recently. Last week, new DOGE budgets increased by 72 percent. There were 19,600 new budgets on the current day alone.

The analysis interpreting the data noted the developments;

“This growth is a sign of increasing interest in DOGE, meaning traders and developments are preparing for price increases. However, we still see external factors, such as geopolitical tensions in the Middle East, affecting market dynamics and DOGE’s ability to achieve this goal.”

#DOGEUSDT #binance #memecoins