The world's largest memecryptocurrencyby market value, has regained some poise, having formed a bullish double bottompatternduring the overnight trade.
DOGE has gained over 2% to over 16 cents since early Asian hours, reversing part of Monday's slide from 16.63 cents to 15.67 cents, according to data source CoinDesk.
Per CoinDesk's AI research, the cryptocurrency formed a "double bottom pattern" around the 15.7-15.8 cents zone with above-average volume. The bounce is consistent with the recovery in market leader bitcoin
, which has bounced to $107,000 from the overnight low of around $105,200.
The double bottom forms after a notable sell-off and is characterized by two bottoms at approximately the same level, separated by a brief recovery. An eventual move above the high logged during the interim recovery, as seen in DOGE's case, is said to confirm a bearish-to-bullish trend change.