Dogecoin $DOGE regained

The largest cryptocurrency in the world by market cap has shown some of its composure after forming a bullish double bottom pattern during last night's trading.

The $DOGE rose by more than 2% to over 16 cents since the early morning hours in Asia, reflecting part of the Monday drop from 16.63 cents to 15.67 cents, according to CoinDesk data.

According to CoinDesk's AI research, the cryptocurrency formed a 'double bottom pattern' around the area of 15.7-15.8 cents with trading volume above average. This rebound aligns with Bitcoin, the market leader, at $106,949.67, which bounced back to $107,000 from its lowest point last night at around $105,200.

The double bottom forms after a sharp sell-off and is characterized by two lows at nearly the same level, separated by a brief recovery. It is said that any final move above the peak recorded during the temporary recovery, as is the case with Dogecoin, confirms a trend reversal from bearish to bullish.

While daily momentum has turned bearish, the broader pattern of lower descending peaks, which represents a consistent downward trend since the second half of May, remains intact.

The daily price chart indicates that a strong move above the recent low peak of 17 cents, formed over the weekend, is necessary to invalidate this broader bearish pattern.

Key AI insights

The Dogecoin (c-20) formed a clear double bottom pattern around the range of $0.157-$0.158, with trading volume above average, particularly during the period from 1:00 PM to 2:00 PM on July 1.

The cryptocurrency has seen a steady rise culminating in a bullish close at $0.161, with increasing trading volume, confirming buyer interest.

In the last 60 minutes of July 2, from 05:37 to 06:36 AM, Dogecoin showed a clear upward trend, rising from $0.1605 to $0.1611, marking an increase of 0.36%.

The price action formed an ascending channel, with notable spikes in trading volume at 06:06 and 06:07 AM (more than 4.4 million and 6.0 million respectively), confirming strong buyer interest.

After reaching a local high of $0.1611 at 06:14, #DOGE experienced a brief pullback to $0.1606 at 06:27 before recovering to close the hour at $0.1611.

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