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)
Dogecoin could potentially rally to $0.15 by month-end if it manages to break through the overhead trendline within the symmetrical triangle pattern
The $0.124 level, backed by 44.79 billion DOGE in supply accumulated by 311.21k addresses, poses a significant resistance.
Dogecoin’s recent breakdown below the 100- and 200-day Exponential Moving Averages could amplify selling pressure, with a potential fall of 6% to retest the $0.1 psychological support
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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