Dogecoin Breakout Signals Market Poised for 404% Rise, Will DOGE Fly to the Moon?

Dogecoin (DOGE) could be preparing for major price action, with a potential target set at $0.6533. This prediction comes on the heels of a price breakout that suggests a 404% rise from current levels is possible. As of the time of writing, Dogecoin is up 4.46% and is currently trading at $0.1264.

Recent data shows that there is a lot of liquidity among large holders of Dogecoin, who control around 0.1% of the total supply. Over the past seven days, the net flow from these large holders has decreased by 311%, indicating a significant amount of selling.

Due to the large volume managed by these holders, such activity could put downward pressure on the price of Dogecoin. However, the same data also suggests that there is an accumulation period, which could provide a floor for the price, preventing a significant drop in price.

This means that Dogecoin’s potential price rise lies somewhere between a technical pattern and the actions of large market whales. While the recent breakout offers a bullish outlook, the market remains dynamic, subject to both heavy selling and accumulation phases.

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