TLDR
Technical analyst identifies “rounded bottom” pattern in Dogecoin’s price chart, suggesting potential rally
Price target of $0.68 identified as next resistance level before possible move to $1.20-$1.50 range
Dogecoin currently trading at $0.44, down 5.13% in 24 hours
Large whale accumulation reported with 1.5 million DOGE added by single holder
Price forecasts from analysts range from $0.69 to ambitious $4.20 target
Technical analysis of Dogecoin’s price action reveals the formation of a rounded bottom pattern on weekly timeframes, according to crypto analyst CobraVanguard on TradingView. The pattern development comes as whale activity shows increased accumulation in the popular cryptocurrency.
The rounded bottom pattern began forming after Dogecoin reached its previous all-time high during the 2021 bull market. The formation has developed through multiple price cycles, including periods of decline, recovery, and price stabilization.
Current price data shows Dogecoin trading at $0.44, representing a 5.13% decrease over the past 24 hours. Despite this short-term decline, the larger technical structure remains intact according to market analysts.
Technical analysis from CobraVanguard identifies $0.68 as the next major resistance level for Dogecoin. This price point could serve as a stepping stone toward higher targets if the pattern plays out as anticipated.
Whale activity data reveals increasing large-holder interest in Dogecoin. One notable whale address recently added 1.5 million DOGE to their holdings, demonstrating confidence in the asset’s potential price trajectory.
The cryptocurrency’s price history shows multiple cycles of accumulation and distribution. The current pattern formation spans several months on the weekly timeframe, suggesting a longer-term structural development.
Market analysts have outlined several price targets based on technical analysis. Beyond the initial $0.68 resistance level, projections extend to the $1.20 to $1.50 range should bullish momentum continue.
Trading volume data indicates sustained market interest in Dogecoin. The asset maintains consistent daily trading volumes across major exchanges, supporting price discovery and market depth.
Dogecoin Price on CoinGecko
Technical indicators on the weekly timeframe align with the rounded bottom pattern observation. Moving averages and momentum indicators provide additional context for the pattern formation.
Historical price data shows Dogecoin’s tendency to make sharp moves following extended periods of consolidation. The current pattern development fits within this established market behavior.
Recent blockchain data reveals steady network activity for Dogecoin. Transaction volumes and active addresses maintain stable levels, indicating regular usage of the network.
Market structure analysis shows defined support levels below current prices. These technical levels could provide price stability during potential market fluctuations.
Social media analyst “Doge lord” projects a series of price targets, including $0.69, $1.00, and $4.20. These projections are based on technical analysis and historical price behavior.
The formation of the rounded bottom pattern coincides with increased institutional interest in cryptocurrencies broadly. Market data shows growing participation from larger market participants.
Exchange flow data indicates a trend toward accumulation, with more tokens moving to private wallets than returning to exchanges. This movement pattern often precedes price appreciation in cryptocurrency markets.
The post Dogecoin (DOGE) Price: Forms Bullish Pattern as Whales Add to Holdings appeared first on Blockonomi.