|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Dogecoin (DOGE) Bulls Regroup as Whales Accumulate and Market Sentiment Turns Bullish
Oct 05, 2024 at 04:58 am
Dogecoin (DOGE) continues to generate bullish sentiment despite recent price fluctuations. The token dropped below the $0.11 price mark in early Oct. 2024 but still commands attention as analysts point to bullish chart patterns.
Dogecoin (DOGE) price continues to attract attention as the meme coin remains within a bullish chart pattern despite recent price dips. While some investors expressed caution following the drop below $0.11, the broader market sentiment seems to be signaling confidence in DOGE’s potential to rally.
Whale activity and market chatter suggest a bullish outlook for DOGE
According to Santiment data, wallets in the 10 million to 1 billion DOGE range have been steadily increasing their holdings, showcasing strong whale accumulation. This trend highlights the interest from large-scale investors as they adjust their positions in anticipation of potential price movements.
Interestingly, the biggest surge in holdings was observed among wallets holding 100 million to 1 billion DOGE. Considering the vast size of their positions and their capability to dictate price trends, this group’s actions could significantly influence DOGE’s price trajectory.
The sustained accumulation by these whales provides a strong counter-narrative to the recent price dip below $0.11 following the sell-offs and short-term market corrections. These large investors typically have deeper market insights or strategic goals, so their continued buying hints at growing confidence in DOGE’s future price action.
In parallel, the broader crypto community has also been echoing this optimism. Analysts like Carlos Garcia Tapia noted that despite the downturn, DOGE managed to respect key support levels, reinforcing the possibility of a bullish breakout. Tapia suggests a price surge above $0.126 could lead to a sharp rally.
Similarly, forecasts like those from OxCryptoUniverse predict a potential rise to $1 by year’s end. While speculative, these projections can help attract buyers to the market, which could help DOGE prices rally.
Meanwhile, remaining above the bullish wedge’s upper trendline, which the DOGE price recently broke out of, helped infuse confidence in the memecoin’s rally.
DOGE price avoids a fakeout
The DOGE/USD pair recently experienced a breakout from a ‘falling wedge’ pattern. However, the rally was short-lived, with Dogecoin price crashing back to the pattern’s trendline resistance, leading to speculations of a fakeout or a false breakout.
DOGE bulls defended the token’s price at the upper trendline of the pattern. As a result, the memecoin still stands a chance of rising to the pattern’s projected target after a consolidation period.
The key feature of a falling wedge is that the lower trendline slopes steeper than the upper trendline, indicating that selling pressure is dissipating. When the breakout occurs—typically to the upside—it signals buyers taking control.
To estimate the potential price target after a breakout, traders measure the vertical distance between the widest points of the wedge and project that range from the breakout point upwards.
According to technical analysis rules, the SHIB USD conversion rate might rally over 77% from its current level to reach the pattern’s projected target of around $0.2
Moreover, DOGE price has formed another bullish setup called the ‘ascending triangle.’
The pattern occurs when a horizontal resistance line connects swing highs while an ascending trendline links higher swing lows. This setup suggests increasing buying pressure as the price approaches the resistance level.
The ascending triangle formation indicates that buyers are gaining strength, and a successful breakout could lead to further upward momentum for DOGE price.
In technical analysis, the pattern’s price target is calculated by measuring its height and projecting it from the breakout point. For Dogecoin, this calculation suggests a price target near $0.22, a 100% spike from the current level.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Bitcoin and the longer tail of crypto assets are sensitive to labor market data because it influences the Fed’s decision on rate cuts, which in turn have a positive impact on bitcoin as borrowing costs fall
- Oct 05, 2024 at 01:15 pm
- A researcher from 21shares has offered an analysis of how bitcoin’s price could respond to the U.S. jobs report.
-
- Artificially intelligent chatbots are making more mistakes over time as newer models are released, a recent research study revealed
- Oct 05, 2024 at 01:10 pm
- Lexin Zhou, one of the study's authors, theorized that because AI models are optimized to always provide believable answers, the seemingly correct
-
- CYBRO Defies Market Headwinds, Empowering DeFi Investments with Good AI Options
- Oct 05, 2024 at 01:05 pm
- CYBRO is revolutionizing the DeFi panorama by harnessing the energy of synthetic intelligence to maximize incomes potential on the Blast blockchain. Although nonetheless in its early phases, this groundbreaking venture has already captured the creativeness of crypto fans, driving its presale previous the $2.8 million mark.