The post Dogecoin News: PMO Signals Start Of New Bull Run appeared on BitcoinEthereumNews.com.

Dogecoin price chart is showing striking similarities to previous bull runs, with key technical indicators like the PMO signaling growth. Combined with substantial whale transfers, the stage is set for a possible breakout, though market corrections may provide healthy pauses in the overall uptrend. Analyst Sees Dogecoin Price Poised for Major Rally The chart shows Dogecoin’s weekly Price Momentum Oscillator (PMO) showing a new bull run may be in the making. In previous instances where the PMO went bullish and crossed bullish thresholds, we’ve seen hefty rallies in 2017 and 2021. The PMO is curving upward towards smaller increments. Similar to earlier patterns that initiated explosive growth on their own, indicating an early stage of another major rally. – Advertisement – Source: X Analyst Trader Tardigrade points out that each bull run had long consolidation phases before breakout momentum was confirmed. The fact that PMO signals matched the start of bull markets for Dogecoin is consistent enough to demonstrate that the Dogecoin PMO is a reliable trend indicator for the asset. The upward swing of PMO implies an upward surge in market strength and revived buying pressure. According to historical patterns, DOGE may be in the midst of another large rally and has plenty of upside potential. – Advertisement – Yet this trend would need to sustain some momentum and price action bullish confirmation. Massive DOGE Whale Transfers Spark Market Speculation Within the course of six hours, Whale Alert reports on massive transfers of 1.1 billion DOGE, over $445 million between unknown wallets. While the transactions reflect significant whale activity, the transactions include 300 million DOGE worth $121.3m twice and 500 million DOGE worth $202.3m just once. They imply massive, non-instrumental trading away from exchanges. Such absence of involvement of exchange with these transactions suggests that they could relate to…

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Filed under: News - @ December 1, 2024 10:15 am