Recent price movements of Dogecoin (DOGE) have sparked diverse predictions among analysts. Some expect a price drop to $0.17, while others forecast a rise to $1.40.
Breakdown from Triangle and Potential Targets
Dogecoin (DOGE) has broken out of a symmetrical triangle after several weeks of sideways action. Analyst Ali Martinez noted that this breakdown could apply downward pressure on prices in the short term.
The chart indicates resistance near $0.22, while immediate supports are at $0.20 and $0.19. If the bearish trend continues, the next target could be $0.17, matching the 1.272 Fibonacci extension. The analyst commented:
> "Dogecoin $DOGE breaks out of a triangle, targets $0.17!"
Diverse Opinions from Analysts
While one perspective suggests a move to $0.17, another long-term chart shared by Bitcoinsensus indicates a potential rally. On the weekly timeframe, DOGE continues to track within a logarithmic uptrend channel.
According to the charts, price surged +290% from $0.08 to $0.23, followed by a +440% rise to $0.50. This pattern may suggest the next impulsive phase could lift prices to between $1.00 and $1.40. The post states:
> "This next wave could potentially lead to prices as high as $1.40."
Whale Activity and Futures Market
On-chain data indicates that whales are currently inactive. As Martinez pointed out:
> "Dogecoin $DOGE whales are staying on the sidelines. No major buying or selling pressure detected!"
Data from Coinglass shows that open interest in DOGE futures rose slightly by 1% to $3.32 billion, suggesting steady trader participation. Concurrently, daily trading volume fell 14% to $5.05 billion, indicating lighter activity.
Options activity surged, with volume climbing 1,057% to $1.86K, while open interest increased 132% to $2.76M. These shifts indicate that traders are positioning for the next move as DOGE stabilizes near support.
Amid mixed forecasts and traders' activity, the future of Dogecoin remains uncertain. The current negative and positive expectations may play a crucial role in the next price movements.
