Dogecoin’s The price is building expectations as it prepares to break out of the bullish downward wedge pattern. Support from the market and investors is also visible, but this process may remain minimal and could help the DOGE price recover. Dogecoin’s price is currently on the verge of turning a critical resistance into support, which could confirm a breakout.
What’s Happening on the DOGE Front?
One of the biggest factors of this rise Elon Musk‘s last tweet. Elon Musk announced in his post that he wants to serve DOGE. This is expected to lead to an increase in the value of the DOGE price. The moving average convergence divergence (MACD) further supports this potential bullish momentum. The indicator shows an increase in the overall bullish momentum. This process indicates that market sentiment is starting to shift upwards and there is a potential for a recovery in the price of Dogecoin. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
But despite this positive technical signal, other factors could slow the pace of this recovery. A major concern is the behavior of large-scale investors, commonly known as whales. Currently, whales report only a modest increase in their holdings. Between $100,000 and $10 million in the past two weeks DOGE wallets holding only saw inflows of $300 million. The lack of significant accumulation by these major players suggests a cautious approach reflecting uncertainty or hesitation in the market.
Whales’ reluctance to increase their positions could ultimately slow down the recovery process. Without strong participation from these big investors MACD The bullish momentum indicated by may not fully translate into a sustainable upward movement in Dogecoin’s price.
DOGE Chart Analysis
Dogecoin’s The price is approaching a breakout from the bullish falling wedge pattern, which is trading at $0.1059. The formation suggests that the memecoin has a 90% upside ahead, with a target of $0.20. The factors mentioned above suggest that this rally may take some time, as the breakout is yet to be confirmed.
This will happen when $0.1168 becomes support to enable a rally to $0.1286. However, there is a chance that this breakout could fail as it did in mid-July. This could lead to Dogecoin’s price dropping to $0.10 or lower, invalidating the bullish thesis and causing the pattern to fail.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
