Dogecoin price predictions after one of its whales sold 170 million DOGE coins, and why the $1 mark might be on the horizon?
Cryptonews - The formation of Dogecoin's price movements is likely to create a promising technical pattern on the daily chart for its next strong launch, will we witness an imminent price breakout? The price of Dogecoin (Dogecoin-DOGE) has recorded a decline of 3% over the past week, settling currently around $0.2205, coinciding with a calm wave of meme coin revival following its strong launch and trading volumes that exceeded the average. DOGE recorded trading volumes worth $1.8 billion in the last 24 hours, indicating a decline of 37% compared to the previous day, perhaps signaling a decrease in selling pressure, which supports positive price predictions for Dogecoin in the near term.
On another note, Santiment data indicates that one of the Dogecoin whales (major investors) sold 170 million DOGE coins worth over $40 million in the past few days, significantly increasing the pressure on the price of the leading meme coin. This is likely a natural step to take profits after Dogecoin's strong rally, and it could positively influence its upward momentum, given that the market recently reached extremely high levels on the daily chart.
Dogecoin price predictions with its movements forming a promising flag pattern and readiness to touch $0.35
The recent decline in DOGE's price has led to the formation of a technical flag pattern, and the emergence of such a pattern after a strong rally indicates price consolidation and the possibility of continuing to rise after a temporary correction. The positivity of this pattern is confirmed if the price can break above the upper limit of the flag pattern at $0.24 and surpass it. If this breakout is accompanied by strong trading volumes, it could indicate the potential for continued upward movement, possibly pushing DOGE's price towards $0.35 in the near term. Additionally, the formation of this pattern confirms a more enticing entry opportunity than it was a week ago for those who missed its previous rally to take advantage of the anticipated launch. In any case, it is worth monitoring the support level of $0.18, which corresponds to the second highest recorded price level of DOGE recently; a price rebound above it is considered a sign of the strength of its anticipated launch and its solid foundations. If the price continues to gain momentum alongside the increasing use of Dogecoin and enjoys strong community support, reaching the $1 mark will become a realistic long-term goal. With the strong recovery of meme coins, new crypto offerings, particularly SUBBD (SUBBD), have caught the attention of many due to their high growth potential.
