Dogecoin Falling Wedge Pattern: Crypto Analyst Predicts Breakout To $0.22
Release: 2024/07/24 02:04 Reading: 224
- Original author：NewsBTC
- Original source：https://www.newsbtc.com/?p=631118
Dogecoin (DOGE) Poised for Bullish Rally, Analyst Predicts $0.22 Surge
Crypto Analyst World of Charts has identified a bullish pattern that suggests Dogecoin (DOGE) could experience a significant price increase. According to the analyst, DOGE could rally to $0.22 when the predicted upward move occurs.
Factors Contributing to DOGE's Potential Rise
World of Charts attributes the potential rally to a falling wedge resistance that Dogecoin is approaching. A breakout from this resistance could result in a 66% price surge, bringing DOGE to $0.22, as per the analyst's chart. Notably, the analyst also speculates that DOGE could potentially rise further to $0.30.
On-Chain Metrics Support Bullish Outlook
On-chain metrics further support the bullish outlook for DOGE. Large transactions have increased significantly, with Bitcoinist reporting that Dogecoin whales have recently purchased millions worth of DOGE. Data from IntoTheBlock also indicates substantial trading activity by whales, with nearly 10 billion DOGE exchanged within the past 24 hours.
Additionally, IntoTheBlock data shows a substantial increase in large holders' inflows, suggesting significant accumulation. This accumulation could propel DOGE's price to the predicted target of $0.30 proposed by World of Charts.
Profitable Addresses Fuel Bullish Sentiment
Meanwhile, most Dogecoin addresses (78%) are currently in profit, meaning they are holding their investments at a gain. Consequently, the meme coin is unlikely to encounter significant selling pressure as it continues to move upwards. Furthermore, these profitable wallets could offset any selling pressure from the remaining 22% of addresses looking to break even.
Potential Future Trajectory
Crypto analyst Rekt Capital suggests that Dogecoin is retesting the Macro downtrend as potential new support. A successful retest would "fully confirm" the end of the downtrend and the emergence of a new Macro uptrend, according to Rekt Capital. The analyst's chart indicates that DOGE could soar to $0.4 once this new uptrend takes hold.
Additionally, crypto analyst Capt Toblerone predicts that DOGE could ascend to nearly $0.3 in the next leg of its upward movement. Capt Toblerone remains bullish on Dogecoin, anticipating a surge to almost $2 during the peak of the bull run.
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