Dogecoin (DOGE), the largest and most popular meme coin by market capitalization, is showing signs of reversing the recent downtrend. Over the past few days, DOGE has experienced a significant drop, but the recent consolidation, continued accumulation by whales, and a shift in market sentiment could drive potential upward momentum.
Can Dogecoin (DOGE) break the $0.36 level? Key levels to watch
In the context of an unstable market and ongoing consolidation, DOGE has formed a descending triangle pattern on the four-hour timeframe and is preparing to break out.
DOGE Price Prediction
According to the expert's technical analysis, if this meme coin breaks this pattern and closes the candle above $0.327 in the same timeframe, it is very likely that this coin will surge 11% to $0.36 in the near future.
However, this speculation is based on a short timeframe and may play out in the coming days. On the daily timeframe, DOGE appears to be consolidating in a narrow range below the key support level of $0.36. Based on recent price action, if DOGE breaks out of this narrow range and closes the daily candle above $0.36, there is a strong possibility that it could surge 30% to reach $0.465 in the coming days.
Whales accumulating 90 million DOGE
In this ongoing consolidation context, whales have shown strong interest and confidence in the meme coin.
According to a post by a renowned cryptocurrency expert on X (formerly Twitter), a whale has bought 90 million DOGE tokens. This significant accumulation by the whale has the potential to create buying pressure and further drive the price increase.
Current price momentum
Currently, DOGE is trading at nearly $0.32, having experienced a price increase of over 2.45% in the past 24 hours. However, during the same period, its trading volume has decreased by 37%, indicating reduced participation from traders and investors due to recent market instability.
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