Cryptocurrency markets were hit by a sudden wave of selling pressure on Wednesday as Bitcoin headed for the $60,000 break. While most major altcoins followed this downward trend, Dogecoin showed resilience, posting an intraday gain of 0.4%. Neutral candlestick formation suggests DOGE continues its sideways trend, but whale accumulation and impending breakout from the triangle pattern points to a potential rally towards $0.15. I have
Can Dogecoin price break above $0.15 by the end of October?
As the Iran-Israel war continues, Dogecoin price predictions showed a notable reversal from $0.132 to $0.1, accounting for a 19% loss. As a result, Fuhrer’s market capitalization plummeted to $15.75 billion. If we analyze the daily chart, we can see that this decline is forming a bearish cycle within this symmetrical triangle pattern.
Since June 2024, the pattern’s two converging trend lines are conveying a sideways trend within two converging trend lines that act as dynamic resistance and support. In theory, this chart pattern prompts a temporary correction in the prevailing trend, regaining momentum in a directional move after a breakout.
Selling pressure accelerates as Dogecoin price has recently fallen below the 100-day and 200-day exponential moving averages, which could lead to another 6% decline to retest the downtrend at the $0.1 psychological level . A possible reversal from this support could extend the consolidation phase, but could provide buyers with an opportunity to extract upside at $0.122.
If DOGE price is able to break out of the overhead trendline around mid-October, buyers could see strong upward momentum to $0.15 by the end of the month.
According to Santiment data, the number of Dogecoin holders with wallets containing 1 million to 10 million DOGE has steadily increased, reaching a total of 10.63 billion DOGE.
This increase in Whale’s holdings since the disputed large price movement in October 2024 shows that the largest holders have high confidence in Dogoin’s future prospects. suggests. Historically, upward trends in this indicator coincide with large market bottoms and possible reversals.
However, the $0.124 level is supported by a supply of 44.79 billion DOGE accumulated by 311.21k addresses. If this level coincides with triangular resistance, it may be difficult for buyers to provide a sufficient breakout.
Therefore, a possible reversal could extend Dogecoin’s price consolidation trend and increase the likelihood of a triangle break.
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Sahil Mahadik
Sahil is a dedicated full-time trader with over 3 years of experience in financial markets. He has a strong grasp of technical analysis and keeps a close eye on daily price movements of top assets and indices. Drawn by his fascination with financial products, Sahil enthusiastically embraced the emerging field of cryptocurrencies, where his passion for trading continues to explore opportunities.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
