Dogecoin (DOGE) has been making headlines lately as the largest and most popular meme coin by market cap. After a recent price decline, investors are now looking for signs of a potential reversal in its fortunes. Recent consolidation, continuous accumulation by whales, and a shift in market sentiment are all factors that could drive upside momentum for DOGE.
One key level to watch for DOGE is the $0.36 mark. Amid market uncertainty and ongoing consolidation, the meme coin has formed a descending triangle pattern on the four-hour timeframe, signaling a potential breakout. Expert technical analysis suggests that if DOGE can breach this pattern and close a candle above $0.327, there is a strong possibility it could surge by 11% to reach $0.36 in the near future.
On the daily timeframe, DOGE appears to be consolidating below the crucial support level of $0.36. If the coin breaks out of this narrow range and closes a daily candle above $0.36, there is a potential for a 30% surge to reach $0.465 in the coming days.
Whales have also shown strong interest in DOGE, accumulating a significant 90 million tokens. This substantial buying by whales could create buying pressure and further drive upside momentum for the meme coin.
Currently trading near $0.32, DOGE has experienced a price rally of over 2.45% in the past 24 hours. However, trading volume has dropped by 37%, indicating reduced participation from traders and investors amidst recent market uncertainty.
Overall, the outlook for Dogecoin is optimistic, with potential for upside momentum if key levels are breached. Investors will be closely watching to see if DOGE can break through $0.36 and continue its upward trajectory in the near future.