Dogecoin is bullish: technical indicators indicate that it is ready to break through, and Bitcoin whales use actions to hint that it will rise. Over 30,000 BTC have been accumulated in the past 5 days

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https://news.cnyes.com/news/id/5359728

Friends of the Dogecoin Chinese community, everyone is at peace.
Today is October 31, 2023, Monday 2
This is the news station of the Dogecoin Chinese community
The news to be introduced today comes from u today and Golden Finance
This news was published on October 30, 2023, Taiwan time
The title is Dogecoin Bullish: Technical indicators indicate it is ready for a breakthrough, Bitcoin whales use actions to hint that it will rise, and more than 30,000 BTC have been accumulated in the past 5 days

Dogecoin (DOGE) shows strong bullish potential and is now poised for a major breakout, according to analysis by market analyst Ali Martinez. The currency showed a breakout of the descending triangle pattern on the weekly chart, along with confirmation of a buy signal from the TD Sequential indicator, indicating that it may be heading for a wave of gains. Martinez predicts that Dogecoin could reach a price as high as $0.739 in the coming months and even have the chance to break through $1.

At the same time, analyst Ali revealed that in the past five days, Bitcoin whales have accumulated more than 30,000 BTC, worth approximately US$1 billion. In addition, trading activity by institutional investors is also increasing, and the number of Bitcoin transactions worth more than $100,000 has reached a peak in 2023. The current Bitcoin market value to realized value (MVRV) ratio is about 150%, showing that the market still has room for growth.

Taken together, whether it is the breakthrough signs of Dogecoin or the positive accumulation of Bitcoin whales, it shows that the cryptocurrency market is in an active and upward trend. These market dynamics could have a positive impact on the entire cryptocurrency space and deserve investors' close attention.

From these news, we can analyze the price trend of Dogecoin from the following perspectives:

1. Technical indicators show a breakout: The original article pointed out that Dogecoin showed a breakout of the descending triangle pattern on the weekly chart, which is a bullish technical signal. In the past, a breakout of this technical pattern has typically signaled higher prices. At the same time, the buy signal of the TD sequential indicator further confirmed this trend.

2. Strong targets predicted by experts: Market analyst Ali Martinez’s predictions are not groundless, but based on careful analysis of market data and understanding of historical trends. He predicted that Dogecoin could reach $0.739 in the coming months and even have a chance to break through $1. This professional analysis typically involves the study of past market behavior and applying it to current market conditions.

3. Positive signals from the Bitcoin market: The article mentioned that Bitcoin whales have accumulated more than 30,000 BTC in the past five days, worth approximately US$1 billion. This shows that there is money flowing into the market and that the big players are optimistic about the future. Historically, strong performance in the Bitcoin market has tended to have a positive impact on other cryptocurrencies, including Dogecoin.

Overall, Dogecoin is currently showing strong bullish signs. Technical indicators and market analyst forecasts point to its price upside potential, while the positive accumulation behavior of Bitcoin whales also injects positive signals into the market. These factors combined provide strong support for Dogecoin’s price trend. Based on the above factors, this channel believes that this is the golden moment for long-term investors to accumulate chips and plan for the future. However, it must be emphasized that these views we share are not professional investment advice. They are only based on our observations and analysis. If you have any questions about our interpretation, we recommend that you refer to the source news link attached in the information column. For further verification, it is crucial for investors to do their own homework. Please remember to never invest in something you do not understand, never invest in a position that you cannot afford to lose, and make investment decisions carefully. . Of course, we will continue to pay close attention to the latest developments in Dogecoin.