Dogecoin (DOGE), the largest and most popular meme coin by market capitalization, is showing signs of reversing its recent price decline. In recent days, DOGE has experienced a significant decline, but recent consolidation, continued whale accumulation, and a shift in market sentiment could create potential upside momentum.
Can Dogecoin (DOGE) Break $0.36? Important levels to watch
Amid market uncertainty and ongoing consolidation, DOGE has formed a descending triangle pattern within a four-hour time frame and is poised for a breakout.
DOGE Price Prediction
According to expert technical analysis, if the meme coin breaks this pattern and closes a candle above the $0.327 mark in the same time frame, there is a high chance that it could rise by 11% to reach $0.36 in the near future.
However, this speculation is based on a short time frame and could emerge in the coming days.
On the daily time frame, DOGE appears to be consolidating within a tight range below the crucial USD 0.36 support level. Based on recent price action, if DOGE breaks out of this narrow zone and closes a daily candle above $0.36, there is a strong possibility that it could rise by 30% to reach $0.465 in the coming days.
Whales collect 90 million DOGE
Amid this ongoing consolidation, whales have shown strong interest and confidence in the meme coin.
According to a prominent crypto expert’s post on X (formerly Twitter), whales have purchased a whopping 90 million DOGE tokens. This substantial accumulation of whales has the potential to create buying pressure and further fuel upside momentum.
Current price momentum
Currently, DOGE is trading around $0.32, following a price rally of over 2.45% in the past 24 hours. However, during the same period, trading volume fell by 37%, indicating reduced participation from traders and investors due to recent market uncertainty.