Dogecoin Falling Wedge Pattern: Crypto Analyst Predicts Breakout To $0.22
July 23 2024 - 2:00PM
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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. Related Reading: Will Bitcoin
Reach A New All-Time High? Crypto Analyst Reveals Why $90,000 Is
Possible 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 Dogecoin’s
price flying and cause it to possibly reach World of Chart’s
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. Related Reading: Don’t Get
Shaken Out, Analyst Says Bitcoin And Altcoins Rally Is Just
Starting 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. Featured image
created with Dall.E, chart from Tradingview.com
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