The cryptocurrency market was hit with a sell-off on Wednesday as Bitcoin fell below $60,000. Most major altcoins followed suit, but Dogecoin remained resilient, gaining 0.4% intraday. Looking at the candlestick pattern, DOGE is still moving sideways, but whale accumulation and an impending breakout of the triangle pattern suggest that it could rally to $0.15.

So, will the Dogecoin price break through $0.15 by the end of October?

During the Iran-Iraq war, the price of Dogecoin fell significantly, falling from US$0.132 to US$0.1, a drop of 19%, resulting in a market value of US$15.75 billion. Looking at the daily chart, this pullback is a bearish move within a symmetrical triangle pattern.

The two trend lines of this pattern have formed dynamic resistance and support since June 2024. In theory, this candlestick pattern will promote a short-term correction in the current trend, setting the stage for continued movement after the breakout.

If the Dogecoin price breaks below the 100-day and 200-day exponential moving averages in the near term, selling pressure could intensify, leading to a further 6% drop and a retest of the $0.1 support level. A flip at the support level could extend the consolidation phase while providing opportunities for buyers around $0.122.

If DOGE manages to break out of the upper trendline in mid-October, buyers may push the price higher towards $0.15 by the end of the month.

According to Santiment, the number of wallets holding between 1 million and 10 million DOGE has been growing steadily, with the current total holdings reaching 10.63 billion DOGE.

Despite the large price fluctuations, whale holdings have continued to increase since October 2024, indicating that large holders are confident in the future potential of Dogecoin. Historical data shows that an upward trend in this indicator usually coincides with major market bottoms and potential reversals.

DOGE faces critical resistance at $0.124 amid 44.79 billion whale supply

According to data from Intotheblock, DOGE is currently facing critical resistance at $0.124 amid a whale supply of 44.79 billion.

This level is supported by 311.21k addresses, showing a strong concentration of supply at this price point, which means it could act as a strong resistance level. If DOGE’s price approaches this position, it could trigger renewed selling pressure that would echo the triangle resistance level.

Therefore, a potential reversal could continue Dogecoin’s consolidation trend, but the risk of a triangle breakdown remains.