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Technically, Dogecoin is aiming for the $0.15 mark by the end of October as it forms a symmetrical triangle while whales continue to accumulate the token. Mid-term sideways movement in the Dogecoin price is indicated by an ascending triangle. While looming as the leading cryptocurrency for adopting the meme coin, it remains 8% below the DOGE price to seek support at $0.1 level. Whale wallets by definition contain between 1 million to 10 million DOGE in total and possess 10.63 billion DOGE.
On Wednesday, the crypto market came under selling pressure as Bitcoin neared the $60k level of breakdown. Although most prominent altcoins were in a similar trend to the major cryptoassets, Dogecoion managed to increase by 0.4% within the day. The formation is neutral, being a part of DOGE’s long sideways trend But the accumulation by the whales and an imminent break of the triangle formation will likely touch $0.15.
Will Dogecoin Reach $0.15 by the End of October?
During Iran Israel war the price of Dogecoin managed to reverse from $0.132 to $0.1 which equals to a 19% dump. Thus, the DOGE’s MC fell to $15.75 billion (the green line, chart 3). It is clear, from the daily chart that this drop marks a bear cycle within the symmetrical triangle formation.
Since June 2024, the OHLC chart set out below depicts a sideways movement between the two converging trend lines as the pattern’s working dynamic resistance and support. In theory this pattern is used to pull back the current trend for some sort and attempt to get moving in the right direction after the breakout.
This breakdown below 100 and 200-day Exponential Moving Average could trigger another round of selloff and take the Dogecoin price to 6% lower to test the lower trend line at the $0.1 level. A change in this support could stretch the consolidation phase even further, but enable buyers to take it up in the upside takeout at $0.122.
DOGE Poised for Potential Breakout to $0.15 as Whale Holdings Surge
If the DOGE price breaks above the overhead trendline around mid-October, the buyers could propel a high momentum breakout rally up to $0.15 by the end of the month.
Analyzing data from Santiment, it is possible to state that the amount of DOGE wallets with a balance ranging from 1,000,000 up to 10,000,000 DOGE has been gradually rising and reached 10.63 billion in total.
Since this specific movement happened after October 2024, the largest holders, more whales, have increased their holdings to the virtual currency expecting more enhancements of its worth in the days to come. In the past, the indicator continues its upward movement before a significant market low and possibly a turn.
DOGE Confronts Major Resistance at $0.124 with 44.79 Billion Tokens Held by Whales
Intotheblock revealed that 44.79 Billion DOGE held by 311.21k addresses are support the $0.124 level.From the GIOM chart presented below, an indicator showing an excess supply at this price acts as a great resistance level.ed by 311.21k addresses. This data from GIOM (Global In/Out of the Money) highlights a high concentration of supply at this price point, which can act as a strong resistance level. At the same time, it is possible to observe the untimely resumption of selling pressure around triangle’s resistance, targeting DOGE’s price. So a break can maintain the price range expansion but at the same time potentially add more time to the consolidation period of the Dogecoin.
