Will Dogecoin (DOGE) price achieve a 75% recovery?
It is inevitable that the price of Dogecoin (DOGE) has recovered. There will be a question of whether he can manage the profit as well.
Given the uncertainty among large wallet holders, this can be difficult.
Dogecoin in the air
The price of Dogecoin fell in a bearish wedge pattern. He's been going in since April, and now he's trying to get it back. Since the pattern is a bullish reversal pattern, the delayed bullishness prevented Mem Coin from incurring significant losses.
According to the Global In/Out Money (GOM) indicator, about 35.27 billion DOGE were bought between $0.105 and $0.114. With a supply of nearly $4 billion, DOGE would lose its profitability if it falls below $0.105, which happens to be a crucial support for MemCoin.
Read more: Dogecoin (DOGE) vs Shiba Inu (SHIB): What's the difference?
However, as the crypto asset tries to recover, it may encounter resistance in the form of whale sales. These big wallet holders are trying to reduce their holdings from the first week of the month.
In the last nine days alone, addresses ranging from 10 million to 100 million doji have seen a drop of 400 million doji. The total value of this offering is 44.8 million dollars, which means that Memcoin has already suffered this loss.
In addition, the altcoin is not collecting at the moment, it is clear that this was a step to compensate for the loss. This is a sign that Dogecoin may have trouble spotting a price recovery.
DOGE Price Forecast: More Obstacles
The price of Dogecoin, fighting the bears, came back to trade at $0.112. The next critical resistance for MemCoin is at $0.116, a breach of which would send DOGE into a downward wedge reversal pattern.
Based on this pattern, the target is set at $0.220, confirming a rally of 74.46%. This is certainly an outcome we won't see for some time, but combined with the above signals, DOGE may find itself struggling to break $0.128.
Read more: Dogecoin (DOGE) Price Prediction 2024/2025/2030
If the line is breached, the knee pattern is confirmed. But if the breach fails, a drop to $0.116 is possible again and a further miss will invalidate the bullish thesis. This brings DOGE back to its current value.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
