Dogecoin (DOGE) Breakout Slows Down but Still Has Momentum

5 months ago 2

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Dogecoin’s (DOGE) price showed signs of a potential rise a week ago when it broke out of a bullish pattern.

However, this potential rally slowed amid bearish market cues but has not stopped.

Dogecoin Investors Are Optimistic

Dogecoin’s price could continue its uptrend since DOGE holders act towards the same. The large wallet holders have consistently accumulated since the beginning of the month. The addresses holding between $10,000 and $10 million worth of DOGE have added more than $1.1 billion worth of the meme coin.

This is a sign that investors are optimistic about a rally and are working towards making it happen. Since large wallet holders tend to hold much sway on the price, Dogecoin’s price could follow their lead and continue rising.

Along with them, despite the recent dip, DOGE is observing bullish cues. The Moving Average Convergence Divergence (MACD) shows the same. The MACD (Moving Average Convergence Divergence) is a technical analysis tool that shows the relationship between two moving averages of a security’s price.

It helps identify changes in momentum, trends, and potential buy or sell signals by analyzing the convergence and divergence of these averages. The indicator is still maintaining the bullish crossover it marked three weeks ago. The histogram did form a double top as the bullishness waned a few times.

However, the overall signal coming from the indicator is still bullish.

DOGE Price Prediction: The Rally May Continue

Dogecoin’s price, which is $0.165 at the time of writing, is hovering around the key support of $0.168. The meme coin broke out of its bullish ascending triangle pattern to potentially mark a 22% rally.

DOGE is still on course to reach $0.200, the pattern’s target. For the same, Dogecoin’s price would need to flip $0.182 into a support floor.