Dogecoin Surges After Creating ‘Double Bottom’ Pattern
Dogecoin has demonstrated a substantial increase of over 2%, reaching more than 16 cents thanks to a confirmed bullish double bottom formation during the overnight trading phase.
The cryptocurrency began its recovery in Asian hours, rebounding from 16.63 cents to 15.67 cents, as reported by CoinDesk.
DOGE’s Price Chart
Key Points:
- Dogecoin formed a bullish double bottom pattern, increasing over 2% to exceed 16 cents.
- This recovery coincides with Bitcoin’s rise from $105,200 to $107,000.
- A breakout above 17 cents could challenge the ongoing bearish trend.
The price action shows DOGE’s recovery forming in the 15.7-15.8 cents range with impressive trading volume, consistent with Bitcoin’s market movement.
DOGE’s Daily Chart
Insights:
- Volume spiked notably during the recovery, confirming positive buying interest.
- Despite recent gains, the market shows a general bearish trend since mid-May, necessitating a strong breakout above 17 cents to alter this setup.
In summary, the formation of these patterns suggests intriguing possibilities for DOGE if it can sustain its momentum in the coming days.
