Can Dogecoin break through the $0.15 mark in October?
As soon as Bitcoin fell to $60,000, the market panicked and everyone sold off.
Many altcoins also fell, but Dogecoin held up and rose by 0.4%.
Although it looks like it is standing still, those big whales are quietly hoarding, and the symmetrical triangle pattern is about to break, so Dogecoin may rebound to $0.15.
Dogecoin fell from $0.132 to $0.1 before, which is a big drop, and its market value has dropped to $15.74 billion. From the daily chart, this callback is like a symmetrical triangle pattern in a bear market cycle.
Since June 2024, this pattern has been swinging between the two lines, sometimes resistance and sometimes support. In theory, this pattern can temporarily change the current trend, and once it breaks through, the momentum will be even stronger.
Recently, the price of Dogecoin has fallen below the 100-day and 200-day moving averages. The selling pressure may be greater. It will have to fall another 6% to test the psychological defense line of $0.1. However, if it rebounds from here, the consolidation phase may be longer, but buyers can find opportunities at $0.122.
If Dogecoin can break through the upper line in mid-October, buyers may be able to push it to $0.15 by the end of the month.
According to data, the number of wallets holding 1 million to 10 million Dogecoins is increasing, and there are now a total of 10.63 billion Dogecoins. Since October 2024, despite the large price fluctuations, big whales are still adding positions, which seems to be quite confident in the future of Dogecoin. Historically, when this indicator rises, the market has bottomed out and may be about to reverse.
Dogecoin is one of those popular coins. It rose sharply at the end of September, but now it lacks momentum and the price is fluctuating around $0.1. Big whales are becoming active, which is one of the signals of a surge.
Therefore, Dogecoin may have to consolidate for a while, but if the triangle pattern is broken, the risk will be great.
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