Dogecoin (DOGE) price has risen from the recent lows

Dogecoin (DOGE) price has risen from the recent lows after experiencing several days of selling pressure.

Dogecoin (CRYPTO: DOGE) price has pulled back from the recent lows as several days of selling pressure got digested.

What Happened: Meme coin’s price recently tested the critical support at $0.14. After that, the price moved above $0.16, suggesting some recovery in trading activities.

Interestingly, the price movement aligns with increased interest in DOGE. The expectations about Bitwise ETF approval by 2025 have continued to fuel the market.

Crypto analyst Coinvo identified a Falling Wedge pattern in DOGE’s price chart. This often suggests a breakout as price movements become compressed. The formation shows weakening selling pressure, which may lead to an upward price movement. The price needs to break above the resistance level to confirm the bullish trend.

"A Falling Wedge pattern is detected in the price chart of Dogecoin (DOGE). This pattern indicates a potential breakout as price movements become smaller and flatter. The formation also shows decreasing selling pressure, which may foreshadow an upward price movement."

A FALLING WEDGE PATTERN IS DETECTED IN THE PRICE CHART OF DOGECOIN (DOGE).

This pattern indicates a potential breakout as price movements become smaller and flatter. The formation also shows decreasing selling pressure, which may foreshadow an upward price movement.

The price broke out of the pattern and moved above the resistance level, confirming the bullish trend.

The next resistance level is at $0.20, which could limit further gains in the short term. However, if the bulls can push through this level, then we could see a move to the all-time highs at $0.77.

Here are some additional observations:

* The Moving Average Convergence Divergence (MACD) indicator suggests a positive trend. The MACD line is above the signal line, and both lines are in positive territory.

* The Chaikin Money Flow (CMF) is above zero, which indicates that there is more buying pressure than selling pressure.

Overall, the technical indicators suggest that the bulls are in control of the market. If the current trends continue, then we can expect to see more upside in DOGE price.

Chart: Coinvo

At the time of writing, DOGE price was trading at the $ 0.17, a 3% increase in the last 24 hours. The price continued to be higher than the crucial support levels, showing stability despite recent fluctuation.

The next line of resistance is at $0.20, signaling further price surge. Historically data suggests that when breakouts occur above resistance levels, stocks tend to go up and stay higher.

Dogecoin Network Sees Increased Activity:

Furthermore, Dogecoin is increasing its network. Crypto analyst Ali Martinez noted that the new addresses increased from 16,400 to 34,600 within one month. This is attributed to increased uptake and interest in the meme coin.

"It appears that someone is massively accumulating #DOGE.

Last month, around 16,400 new addresses joined the network. But this month, we've already seen 34,600 new addresses on the network. This is a huge increase in activity and interest in the cryptocurrency."

It appears that someone is massively accumulating #DOGE.

Last month, around 16,400 new addresses joined the network. But this month, we've already seen 34,600 new addresses on the network. This is a huge increase in activity and interest in the cryptocurrency. pic.twitter.com/G73e75L9sO

— Ali Martinez (@ali_crypto_notes) August 17, 2023

Whale accumulation has also risen, with large holders purchasing more DOGE. Past instances of whale accumulation have preceded price surges.

According to on-chain data, there is growth of the active wallets and the number of transactions. This indicates that capital flows into DOGE are increasing, suggesting ongoing demand for the meme coin.

This is in line with historical trends that when the market is active, prices often increase. Therefore, if the current accumulation pattern continues, there can be more price uptrend activities on DOGE.

Bitwise ETF Application May Boost Interest:

The U.S. Securities and Exchange Commission (SEC) received an application for a Bitwise Dogecoin ETF. This is a significant development towards the introduction of an exchange-traded fund that is solely focused on Dogecoin.

This particular application may affect the outlook of Dogecoin as the SEC continues reviewing the same. If approved, the ETF may contribute to more investment in DOGE.

DOGE price has responded more positively to speculations regarding the approval of the ETF. According to current trends, there is a 70% chance that it would be approved before the year 2025. This is 33% higher within the recent weeks with approval expectation.