Will Dogecoin Price Reclaim $0.15 By September End?
Highlights
- The squeezed Bollinger band indicator highlights low volatility and an impending breakout from the Dogecoin price.
- The 30-day MVRV Ratio dropped to -3.59%, suggesting that short-term traders are currently at a loss, a condition often preceding price reversal.
- The GOIM(Global In/Out of the Money) metric reveals buyers must contend with a 17 billion DOGE supply before breaking through the $0.15 resistance level.
Dogecoin price plunged from $0.115 to $0.098 within a fortnight, registering a 14.6% loss. This bearish reversal within a falling wedge pattern indicates that traders’ sentiment continues to favor selling during price bounces. If the broader market experiences an extended correction in September, DOGE could break below the $0.091 support, further solidifying the sellers’ control over the asset. Will buyers mount a counterattack?
Dogecoin Price Ride Steady Downtrend Amid Wedge Formation
The Dogecoin price has consolidated between $0.115 and $0.093 for over a month. While the shorter timeframe shows this sideways action as a lack of initiation from buyers or sellers, the broader highlights a falling wedge pattern in play.
Under the influence of this pattern, the DOGE price fell from $0.228 to $0.097 within five months, registering a loss of 57%. Consecutively, the market cap plunged from $14.2 Billion. As the pioneer cryptocurrency Bitcoin price shows sustainability below the $60000 level, the bearish momentum in the altcoin market continues to mount.
If this dog-themed meme coin breaks below the $0.091 support, the selling pressure will intensify and plunge the asset 11.6% down to $0.8.
However, the on-chain metric MVRV (Market Value to Realized Value) Ratio of the past 30-day plunged to -3.59%, according to Santiment data. The negative value indicates that short-term traders are witnessing a loss in their investment and may exit from panic selling.
While the liquidation may cause initiation down, this signal often welcomes major players in the market to accumulate the discount price and drive the price higher.
Additionally, the In/Out of the Money Around Price (IOMAP) metric reveals that 1.74 million addresses collectively hold 17 billion DOGE up to the $0.105 price level, represented by three small red spheres. This suggests minimal resistance or supply pressure for buyers until the price reaches $0.11.
If the bullish momentum resumes, the Dogecoin price prediction could signal a 6-8% jump to the overhead trendline at $0.105, preparing a major breakout. Once buyers successfully breach the wedge resistance, the breakout market move accelerates quickly, potentially driving the asset toward the $0.15 target within 2-3 weeks.
- Zcash (ZEC) Extends Rally Above $200 as Privacy Narrative Gains Reflexive Momentum
- Pump.fun Rival Zora Rallies Over 30% Following Robinhood Listing
- Peter Brandt Lists XRP Among Shorts Amid Crypto Market Crash
- Fed’s John Williams Backs More Rate Cuts This Year Amid Labor Market Concerns
- Bitcoin Edges Higher as Fed Chair Jerome Powell Fails to Comment on Monetary Policy
- Dogecoin Price Outlook as $23M Leaves Exchanges—Is the Parabolic Phase Beginning?
- Pi Network Price Collapses as Analyst Proposes Turnaround Tweaks
- Solana Price Prediction as SOL DAT Company Plans 5% Supply Acquisition—Analyst Targets $1,300 Breakout
- Bitcoin Price Prediction as US Govt. Shutdown Extends- What’s Next for BTC?
- Solana Price Megaphone Points to a Parabolic Move as SOL Treasuries Near $3B
- XRP Price Prediction Amid ETF Approval Roadblock as Analyst Warns of $2.72 Dip
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
