##MyEOSTrade 1. Whale selling impact on the price
One of the major investors (whale) sold 170 million DOGE coins worth over $40 million, leading to a temporary downward pressure on the price. This move is believed to be part of profit-taking after a strong bullish wave, and it may contribute to market rebalancing and pave the way for a new bullish momentum, especially as the market reaches high levels on the daily chart.
2. Positive technical pattern (flag pattern)
The flag pattern has formed on the daily chart, indicating a likely continuation of the upward trend after a correction period. To activate this pattern, the price must break the $0.24 level with high trading volumes, which could push the price towards $0.35 in the near term. This pattern is an attractive opportunity for investors who missed the previous wave.
3. Critical support and resistance levels
- Key support: at $0.18, which is a vital level; if the price rebounds from it, it could confirm the strength of the upward trend.
- Nearby resistance: at $0.24, where a breakout accompanied by strong trading volumes would signal a resumption of the upward trend.
4. Supporting factors for the price to reach $1
- Community momentum: Dogecoin enjoys strong community support and endorsement from influential figures like Elon Musk, who has boosted its acceptance as a means of payment in major companies.
- Expansion in usage: Increased adoption of DOGE in daily transactions and trading platforms, such as its acceptance in AMC movie theaters and ATMs.
- General context of the cryptocurrency market: Recovery of the 'meme coin' market and improved investor sentiment after regulatory concerns eased.
5. Long-term forecasts
- 2025: Predictions range from $0.17 to $1.07, with the potential for leaps if it maintains its momentum.
- 2030: Some analyses indicate that the price could reach $0.66 or even $1.8, especially with enhanced infrastructure for the currency.
- Obstacles: Ongoing inflation due to the lack of a cap on DOGE supply may slow the rise, but the shift towards Proof of Stake (PoS) technology could mitigate this issue.
Conclusion:
While whale selling has caused a short-term decline, technical indicators and fundamental factors suggest the possibility of resuming the upward trend towards $0.35, with a potential to achieve $1 in the long term if technical improvements align with community and market momentum. Close monitoring of support and resistance levels and trading volumes is advised.
