Dogecoin (DOGE) Signals Price Turnaround After Breaking This Pattern

Dogecoin (DOGE), the eighth largest cryptocurrency by market capitalization, might be hinting at a price reversal; a falling wedge pattern has been spotted on its chart, which suggests a bullish trend reversal.

Timeline of Dogecoin

Dogecoin was founded back in 2013 by two programmers – Billy Markus (the legend says that he coded DOGE sitting at home in his underwear, taking just a few hours for that accomplishment) and Jackson Palmer.

Dogecoin (DOGE), the crypto ecosystem's first and largest meme coin, is seeing a massive surge in the number of whale transactions on the network as the broader market returns to a profitable path. According to data from IntoTheBlock (ITB), the number of DOGE transactions surpassing $100,000 over the past 24 hours jumped by more than 152% to 1,250.

Popular commission-free trading platform Robinhood has, according to data from the blockchain, moved around 8% of the supply of the meme-inspired cryptocurrency Dogecoin ($DOGE) to a new mysterious wallet.

As new memecoins make waves in the crypto space, billionaire Elon Musk says that Dogecoin (DOGE) remains his favorite digital asset. In a new interview with The Wall Street Journal, Musk explains why he still prefers the original memecoin, which was created as a parody of the leading cryptocurrency Bitcoin (BTC).

Elon Musk is still a fan of Dogecoin, even if he is choosing to be much more careful in how he expresses it. Speaking at The Wall Street Journal's CEO Summit in London, the Tesla and SpaceX CEO reaffirmed his affinity for Dogecoin while being careful not to promote it explicitly.

Despite being a high-profile and consistent supporter of the popular meme cryptocurrency Dogecoin (CRYPTO: DOGE), Tesla CEO Elon Musk made it clear he is not recommending people plunge headlong into it or any other form of digital currency. Musk expressed caution about cryptocurrency investments during his digital appearance at The Wall Street Journal's CEO Council Summit in London.

Elon Musk's tweets are closely watched by crypto traders looking to bank on the volatile meme token. His tweets often lead to a considerable appreciation in the price of Dogecoin.

Litecoin was a notable mover on Wednesday, as the token dropped by as much as 6% in today's session. The decline came as a red wave swept through the crypto market, leading to the global cap falling by 2% at the time of writing. Dogecoin also dropped, hitting a two-week low.

Billionaire Elon Musk has been a long-time supporter of Dogecoin and he has not been shy when it comes to talking about his love for the meme coin. Usually, when Musk talks about DOGE, the price tends to go up as investors rush to capitalize on the publicity.

A top Dogecoin (DOGE) whale transferred more than $396.8 million worth of the memecoin to another top wallet across a series of transactions on Monday. The unknown whale sent a total of 5.44 billion DOGE across seven transactions that all occurred in less than 10 minutes on Monday afternoon, according to crypto data website BitInfoCharts.