Dogecoin Falling Wedge Pattern: Crypto Analyst Predicts Breakout To $0.22
Crypto Analyst World of Charts has highlighted a bullish pattern that could send the Dogecoin (DOGE) price to new highs. The analyst predicted that the foremost meme coin could rise to $0.22 when this move occurs.
How Dogecoin Will Rise To $0.22
World of Charts mentioned in an X (formerly Twitter) post that Dogecoin is approaching a falling wedge resistance. If it breaks out, the meme coin could enjoy a 66% price move and rise to $0.22, based on the chart he shared. Interestingly, the analyst added that Dogecoin could rise sharply to $0.30.
Dogecoin has already arrived at the moment of truth, seeing as it is currently trading at around the $0.13 range, which World of Charts noted the falling wedge resistance is at. The foremost meme coin looks well-equipped to break out of this resistance level, considering the current bullish outlook of the market.
On-chain metrics also support such a parabolic rally for Dogecoin. For instance, there has been a significant increase in large transactions, with Bitcoinist reporting that Dogecoin whales bought millions worth of DOGE this past week. Data from the market intelligence IntoTheBlock also shows that these whales have been busy, with almost 10 billion DOGE traded in the last 24 hours by these whales.
Further data from IntoTheBlock also shows that there has been an increase of over 800% in large holders inflow, meaning that these whales are heavily accumulating the foremost meme coin. Such a wave of accumulation can send Dogecoins price flying and cause it to possibly reach World of Charts predicted price target of $0.30.
Meanwhile, it is also worth mentioning that most Dogecoin addresses (78%) are currently in the money, meaning they are in profits. As such, the meme coin will unlikely face significant selling pressure as it continues to move to the upside. Besides, those wallets in profit could help mitigate the impact of any selling pressure that could come from the 22% wallet addresses that could look to break even once their investment becomes profitable.
What Next For DOGE?
Crypto analyst Rekt Capital mentioned in an X post that Dogecoin is retesting the Macro downtrend as new support. He claimed that a successful retest at this range would fully confirm the end of the Macro downtrend and the beginning of a new Macro uptrend. Based on the chart the analyst shared, DOGE could rise to as high as $0.4 once this new Macro uptrend begins.
Crypto analyst Capt Toblerone also recently updated his Dogecoin chart analysis. The analyst predicts that the meme coin could rise to almost $0.3 on its next leg up. Capt Toblerone is one of those most bullish on Dogecoin, predicting that DOGE could rise to almost $2 at the peak of this bull run.
Read more: https://www.newsbtc.com/news/dogecoin/dogecoin-falling-wedge-0-22/
Text source: NewsBTC
