$DOGE Price Flashes Buy Signal as On-chain Data Points to 40% Rally - CoinGape Analytics

Dogecoin dropped 1.3% to $0.096 amid a broader market correction as Bitcoin fell below $60,000. Despite the bearish trend, whales continue accumulating DOGE, signaling long-term confidence. The price is moving within a falling wedge pattern, suggesting a potential breakout, though it remains in a correction phase for now. Dogecoin is holding support at $0.091, and a breakout from wedge resistance could trigger a 40% rally toward $0.15.

Technical indicators, like the MACD, suggest indecision, while the EMAs remain in a bearish alignment, acting as resistance. The Market-Value-to-Realized-Value (MVRV) ratio indicates short-term traders are seeing losses, which could lead to forced liquidations and initial price volatility. However, this may attract long-term buyers, potentially driving a reversal.

On-chain metrics show increased accumulation, with the supply distribution metric rising to $18.66 billion, indicating growing interest. A potential head and shoulder pattern could trigger a correction, with key support levels at $0.080 and $0.072 if the neckline at $0.091 is breached.