Dogecoin (DOGE) Whales Cause Nearly $4 Billion Worth of Losses
Release: 2024/07/15 01:25 Reading: 228
- Original author：BeInCrypto
- Original source：https://beincrypto.com/?p=541106
Dogecoin's Price Recovery Potential
Dogecoin's (DOGE) price is poised for a potential recovery, but it remains uncertain whether it can sustain gains. The uncertainty stems from the volatility observed among large wallet holders.
Dogecoin's Technical Analysis
Dogecoin's price broke through a descending wedge pattern, a bullish reversal indicator. However, its recovery attempts may face resistance from whale selling. Large wallet holders have been selling their holdings since early August. This selling pressure could hinder Dogecoin's price from experiencing significant growth.
According to the Global In/Out of the Money (GIOM) indicator, approximately $4 billion worth of DOGE (35.27 billion) was purchased between $0.105 and $0.114. A drop below $0.105 would have led to significant losses for these holders.
Next Resistance and Target
As Dogecoin attempts to recover, it will face resistance at $0.116, which is crucial to break for a return to the bullish reversal pattern. Under this pattern, the target price is $0.220, representing a potential 74.46% rally. However, it is unlikely to be achieved in the short term.
Conclusion
Dogecoin's price may face difficulty in sustaining a recovery due to whale selling pressure. If successful in clearing $0.116 resistance, the bullish pattern would be validated. However, a failure to break this level could lead to a retracement toward $0.116 or even invalidate the bullish thesis.
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