Dogecoin (DOGE), the largest and most popular meme coin by market cap, is showing signs of reversing its recent price decline. Over the past few days, DOGE has experienced a significant drop, but recent consolidation, continuous accumulation by whales, and a shift in market sentiment might be driving potential upside momentum.
Can Dogecoin (DOGE) Break $0.36? Key Levels to Watch
Amid market uncertainty and ongoing consolidation, DOGE has formed a descending triangle pattern on the four-hour timeframe and is poised for a breakout.
DOGE Price Prediction
According to expert technical analysis, if the meme coin breaches this pattern and closes a candle above the $0.327 mark on the same timeframe, there is a strong possibility it could surge by 11% to reach $0.36 in the near future.
However, this speculation is based on a short timeframe and could appear in the coming days.
On the daily timeframe, DOGE appears to be consolidating within a tight range below the crucial support level of $0.36. Based on recent price action, if DOGE breaks out of this narrow zone and closes a daily candle above the $0.36 mark, there is a strong possibility it could surge by 30% to reach $0.465 in the coming days.
Whales Accumulate 90 Million DOGE
Amid this ongoing consolidation, whales have demonstrated strong interest and confidence in the meme coin.
According to a prominent crypto expert’s post on X (formerly Twitter), whales have purchased a significant 90 million DOGE tokens. This substantial accumulation by whales has the potential to create buying pressure and drive further upside 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, during the same period, its trading volume dropped by 37%, indicating reduced participation from traders and investors due to recent market uncertainty.
