Dogecoin (DOGE), the largest and most popular coin by market capitalization, is showing signs of reversing its recent price decline. Over the past few days, DOGE has seen a significant decline, but recent consolidation, continued whale accumulation, and a shift in market sentiment could generate potential bullish momentum.
Can Dogecoin (DOGE) Break $0.36? Key levels to watch
In a context of market uncertainty and ongoing consolidation, DOGE has formed a descending triangle pattern over a four-hour time frame and is ready for a breakout.
DOGE Price Prediction
According to expert technical analysis, if the meme coin breaks this trend and closes a candle above the $0.327 mark over the same time frame, there is a high chance that it will rise by 11% to reach 0, $36 in the near future.
However, this speculation is based on a short time frame and may appear in the coming days.
On the daily time frame, DOGE appears to be consolidating in a tight range below the crucial $0.36 support level. Based on recent price action, if DOGE breaks out of this tight zone and closes a daily candle above the $0.36 mark, there is a high chance that it will rise by 30% to reach $0.465 in the coming days.
Whales accumulate 90 million DOGE
Amid this ongoing consolidation, whales have demonstrated strong interest and confidence in the meme coin.
According to a post from a prominent crypto expert on X (formerly Twitter), whales purchased a significant amount of 90 million DOGE tokens. This substantial whale accumulation has the potential to create buying pressure and stimulate further bullish momentum.
Current Price Dynamics
Currently, DOGE is trading near $0.32, having seen a price increase of over 2.45% in the last 24 hours. However, during the same period, its trading volume fell by 37%, indicating reduced participation from traders and investors due to recent market uncertainty.