Dogecoin [DOGE] has once again turned volatile in the last 24 hours with its promising price pump, allowing it to breakout from a pattern.
has once again turned volatile in the last 24 hours with its promising price pump. Thanks to the latest uptick, the world’s largest memecoin managed a breakout from a bullish pattern.Dogecoin bulls once again gained control of the market, as the world’s largest memecoin’s price surged by nearly 8% in the last 24 hours.The price hike allowed the coin to break above a bullish symmetrical triangle pattern.
The big-pocketed players in the market also were trading the coin actively. This was evident from the rise in Dogecoin’s whale transaction count over the past seven days.Additionally, the memecoin’s Long/Short Ratio registered an uptick in the 24-hour timeframe. A hike in the ratio means that there are more long positions in the market than short positions—an indication of rising bullish sentiment in the market.revealed a bearish trend. Dogecoin’s netflow ratio increased in the last few days as it reached 4.68% from -2.33%.Whenever selling pressure rises, it is followed by price correction, which could cause DOGE’s price to drop and allow it to retest the support of the aforementioned bull pattern.
Nonetheless, if the selling pressure doesn’t affect DOGE’s uptrend, then it might first march towards $0.49 before targeting $0.66, as a slight liquidation barrier lies at that level.Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
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