The post DOGE Whales Looks To Secure 20% Gains Before Another Correction appeared on BitcoinEthereumNews.com.

Dogecoin (DOGE) has been diligently striving to emerge from a downward trend that began at the onset of April 2024. This downturn resulted in a price decline exceeding 41% from its peak levels in April. Nonetheless, the market sentiment has shifted, with the bulls regaining over 30% of the lost value. Recently, Dogecoin has achieved a breakout from a significant pattern. Moreover, the weighted sentiment curve has transitioned from negative to positive, suggesting an upward trend. Let’s delve deeper into this development and explore the potential upper levels Dogecoin might reach with ease.  DOGE Crypto: Weighted Sentiment Turned Bullish As per the data obtained by a financial analytics platform app.santiment.net, there has been a notable shift in investor sentiment for Dogecoin. The weighted sentiment curve has moved from a bearish to a bullish stance, crossing the zero threshold to signal a positive outlook that could continue to rise. Moreover, this curve represents the collective inclination of investors and traders. It serves as an indicator of market dominance, revealing whether the bulls (positive sentiment) or the bears (negative sentiment) are in control. A positive weighted sentiment indicates a prevailing bullish mood, while a negative one suggests a bearish trend in the cryptocurrency market. Is Dogecoin Preparing for a Bull Run? From a price point of view, Dogecoin is on the mend, steadily climbing and establishing higher lows. A positive trendline has provided support, resulting in the formation of an ascending triangle pattern on the daily chart. The recent close above the upper resistance of this pattern has confirmed its breakout. Looking ahead, short-term traders and investors might target a 20% profit before potentially encountering another downturn.   On the flip side, a close below the $0.160 mark could invalidate this bullish pattern, potentially leading to a reversion to the previous downward…

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Filed under: News - @ May 26, 2024 3:20 pm