Dogecoin Confirms Inverse Head and Shoulders Breakout as Buenos Aires Accepts $DOGE

• Dogecoin completes an inverse head and shoulders breakout on the daily chart, with neckline support holding firm after a decisive retest confirmation.
  
• Buenos Aires introduces Dogecoin as a tax payment option, marking regional adoption and expanding DOGE utility beyond speculative market participation.
  
• Dogecoin exchange balances increased 12% this week to 28 billion coins, suggesting more holders transferred assets onto platforms for trading liquidity.

Dogecoin (DOGE) is drawing attention as a textbook inverse head and shoulders breakout is confirmed on the DOGE/BTC chart, while Buenos Aires begins accepting DOGE for tax payments.

DOGE/BTC Chart Shows Textbook Inverse Head and Shoulders

Trader Tardigrade described the DOGE/BTC daily chart as a “gorgeous, textbook inverse head and shoulders setup.” The pattern featured a left shoulder, head, and right shoulder with a downward-sloping neckline.

Price action has already broken above the neckline and successfully retested it. The retest confirmed neckline support, flushing out weak positions while larger traders accumulated. Analysts noted this as a classic confirmation of a bullish reversal structure.

Measured targets are calculated by projecting the distance from the head to the neckline above the breakout point. This setup suggests a potential leg higher for DOGE against BTC, with invalidation below the right shoulder.

Buenos Aires Accepts Dogecoin for Tax Payments

CEO (@Investments_CEO) reported that Buenos Aires now allows Dogecoin to be used for tax payments, signaling growing acceptance of digital assets in official use. The announcement placed DOGE within the city’s payment options.

This decision marked a step forward for cryptocurrency adoption in Latin America. Dogecoin’s utility now extends into regional financial systems, offering residents a new choice for fulfilling municipal obligations.

The development added a fundamental layer of support for DOGE at a time when technical traders are already monitoring bullish chart signals.

Market Data Shows Shifts in Exchange Balances

Dogecoin is priced at $0.2642, with a 24-hour trading volume of $3,046,609,718. The asset recorded a 0.61% daily decline but remains 8.47% higher on the week.

According to Glassnode, exchange reserves for DOGE increased to 28 billion coins in the past week, rising by 12%. This indicated more holders moved DOGE onto trading platforms.

Higher exchange balances suggest additional supply is available for trading. Unless met with equal demand, this trend can weigh on price momentum in the short term.