Crypto analyst World of Charts has identified a falling wedge pattern for Dogecoin （DOGE） that could potentially lead to a breakout to $0.22, with further bullish momentum possibly driving the price to $0.30.
Points
- Dogecoin approaching falling wedge resistance
- Potential breakout could lead to a 66% price increase to $0.22
- On-chain metrics show significant whale accumulation
- Most Dogecoin addresses are currently in profit
- Further bullish momentum could drive DOGE to $0.30 or higher
Crypto analyst World of Charts has highlighted a bullish pattern for Dogecoin （DOGE） that could send its price to new highs. The analyst noted that Dogecoin is approaching a falling wedge resistance, and if it breaks out, the meme coin could see a 66% price move, rising to $0.22. The analyst added that Dogecoin could even rise sharply to $0.30.
At present, Dogecoin is trading at around the $0.13 range, which World of Charts identified as the falling wedge resistance level. The meme coin looks well-positioned to break out of this resistance level, considering the current bullish outlook of the market.
On-chain metrics support this potential rally for Dogecoin. There has been a significant increase in large transactions, with data showing that Dogecoin whales have bought millions worth of DOGE in the past week. Market intelligence firm IntoTheBlock reported that these whales have been active, with nearly 10 billion DOGE traded in the last 24 hours by these large holders.
Further data from IntoTheBlock indicates that there has been an 800% increase in large holders’ inflow, suggesting that whales are heavily accumulating the meme coin. Such a wave of accumulation can propel Dogecoin’s price higher, potentially reaching the $0.30 target identified by World of Charts.
Additionally, most Dogecoin addresses （78%） are currently in profit, meaning they are holding DOGE at a higher value than their purchase price. This suggests that the meme coin may not face significant selling pressure as it continues to move upwards. Those in profit could help mitigate any selling pressure from the 22% of addresses looking to break even.
解説
- Falling wedge pattern: The identification of a falling wedge pattern suggests a potential bullish breakout for Dogecoin, with price targets of $0.22 and $0.30.
- Whale activity: Significant whale accumulation and large transactions indicate strong buying interest, supporting the potential for a price rally.
- Profitability: A high percentage of Dogecoin addresses are in profit, reducing the likelihood of significant selling pressure and supporting further upward movement.
- Market sentiment: Positive on-chain metrics and bullish market sentiment contribute to the optimistic outlook for Dogecoin’s price.