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Highlights
- A symmetrical triangle drives the mid-term sideways trend for Dogecoin price.
- The falling DOGE price is 8% away from seeking support at $0.1 level.
- Whale wallets holding between 1 million to 10 million DOGE have accumulated a total of 10.63 billion DOGE.
On Wednesday, the crypto market experienced a sudden wave of selling pressure as Bitcoin headed for the $60k breakdown. While most major altcoins followed this downward momentum, Dogecoin showed resilience, posting a 0.4% intraday gain. The neutral candle formation suggests that DOGE is continuing its sideways trend, but whale accumulation and an imminent breakout from the triangle pattern signal a potential rally toward $0.15
Can Dogecoin Price Break $0.15 by the End of October?
Amid the ongoing Iran-Israel war, the Dogecoin price showcased a notable reversal from $0.132 to $0.1, accounting for a 19% loss. Consequently, the DOGE’s market cap plunged to $15.75 billion. An analysis of the daily chart shows this pullback forms a bear cycle within this symmetrical triangle pattern.
Since June 2024, the pattern’s two converging trendlines have carried a sideways trend within two converging trend lines acting as dynamic resistance and support. Theoretically, this chart pattern drives a temporary correction for the prevailing trend to regain its momentum for a directional move post-breakout.
The Dogecoin price prediction recent breakdown below 100 and 200-day Exponential Moving Average could accelerate the selling pressure and drive another 6% fall to retest the lower trend at the $0.1 psychological level. A potential reversal from this support could extend the consolidation phase yet provide buyers an opportunity for upside takeout at $0.122.
If the DOGE price manages to breach the overhead trendline around mid-October, the buyers could drive a high-momentum breakout rally to $0.15 by month-end.
According to data from Santiment, the number of Dogecoin holders with wallets containing between 1 million to 10 million DOGE has steadily increased, reaching a total of 10.63 billion DOGE.
This rise in whale holdings since October 2024, despite a major price swing, suggests high confidence among the largest holders for Dogeoin’s future potential. Historically, the indicator’s upward trend coincides with a major market bottom and potential reversal.
DOGE Faces Key Resistance at $0.124 Amid 44.79 Billion Whale Supply
According to Intotheblock, the $0.124 level is backed by 44.79 Billion DOGE accumulated by 311.21k addresses. This data from GIOM (Global In/Out of the Money) highlights a high concentration of supply at this price point, which can act as a strong resistance level. Coinciding with triangle resistance, the DOGE price could witness renewed selling pressure.
Therefore, a potential reversal could extend the Dogecoin price consolidation trend but the maintain the risk of a triangle breakdown
Frequently Asked Questions (FAQs)
1. Can Dogecoin reach $0.15 by the end of October?
2. What key resistance levels could challenge Dogecoin's breakout?
3. What could cause Dogecoin to drop further before a rally?
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