Dogecoin's price is approaching a potential breakout to $0.15 by the end of October, driven by increased interest from large investors (whales) and a persistent symmetrical triangle pattern on the chart.

Dogecoin Shows Resilience Despite Market Downturns

On Wednesday, the cryptocurrency market experienced a sharp wave of selling pressure as Bitcoin headed toward a drop below $60,000. While most major altcoins followed this downward trend, Dogecoin showed resilience, recording a 0.4% intraday gain. Although the candlestick chart suggests neutral movement and a sideways trend, whale accumulation and an imminent triangle pattern breakout signal a potential rise towards $0.15.

Can Dogecoin Surpass $0.15 by the End of October?

Amid the ongoing Iran-Israel conflict, Dogecoin's price initially dropped from $0.132 to $0.1, representing a 19% loss. Dogecoin's market capitalization fell to $15.75 billion. On the daily chart, a bearish cycle can be seen forming within the symmetrical triangle pattern.

Since June 2024, two converging trend lines have formed a sideways trend, with one acting as dynamic resistance and the other as support. This pattern typically indicates a temporary trend correction, allowing the price to regain momentum for a directional move following a breakout.

Potential Decline and Subsequent Consolidation

Dogecoin's price falling below the 100 and 200-day exponential moving averages could accelerate selling pressure, leading to an additional 6% decline and retesting support at the psychological level of $0.1. If this support holds, it may extend the consolidation phase, while also giving buyers a chance to push the price up to $0.122.

Should Dogecoin ( #doge⚡ ) break the overhead trendline by mid-October, a strong rally could be triggered, potentially pushing the price to $0.15 by the end of the month.

Whale Accumulation Signals Positive Growth Outlook

According to data from Santiment, the number of Dogecoin holders with wallets containing between 1 million and 10 million DOGE has been steadily increasing, with the total amount held reaching 10.63 billion DOGE. Despite the price fluctuations, this accumulation suggests strong confidence among large holders in Dogecoin’s future potential. Historically, when this indicator rises, it often coincides with market bottoms and potential reversals in price.

Key Resistance Level at $0.124

Data from Intotheblock indicates that the $0.124 level is supported by 44.79 billion DOGE held across 311.21 thousand addresses. This high concentration could act as a significant resistance level. Combined with the triangular resistance, Dogecoin’s price may face renewed selling pressure.

A potential reversal could extend the consolidation phase of Dogecoin’s price, but the risk of a downward breakout from the triangle pattern remains.

#memecoin🚀🚀🚀 , #DogecoinCommunity , #Cryptocurrencies , #DogeForever

Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!

Notice:

,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“