Dogecoin (DOGE), the largest and most popular meme coin by market cap, is showing signs of reversing its recent price decline. Recent consolidation, continued whale accumulation, and shifting market sentiment might drive positive momentum.
DOGE Price Predictions
Amid market uncertainty and ongoing consolidation, DOGE has formed a descending triangle pattern on the four-hour timeframe and is poised for a breakout. According to technical analysis, if the meme coin breaches this pattern and closes a candle above the $0.327 mark, there is a strong possibility it could surge by 11% to reach $0.36. On the daily timeframe, DOGE appears to be consolidating within a tight range below $0.36. If DOGE breaks out of this range and closes above $0.36, it could potentially increase by 30% to reach $0.465.
Whale Activity
During this consolidation phase, whales have shown significant interest and confidence in the meme coin. According to a crypto expert's post, whales have acquired 90 million DOGE tokens. This substantial accumulation can create buying pressure and boost further price momentum.
Current Price Momentum
Currently, DOGE is trading near $0.32, having experienced a price rally of over 2.45% in the past 24 hours. However, its trading volume dropped by 37%, indicating reduced participation from traders and investors due to recent market uncertainty.
Dogecoin is showing potential for growth driven by significant whale interest and shifting market sentiment. However, the ongoing uncertainty requires careful monitoring of key levels.
