Dogecoin price predictions after one of its whales sold 170 million DOGE coins, and why the $1 mark may be on the horizon?
Cryptonews - The formation of Dogecoin price movements is likely to create a promising technical pattern on the daily chart for its next strong rally. Will we witness an imminent price breakout? The price of Dogecoin (Dogecoin-DOGE) has recorded a 3% decline over the past week, currently stabilizing around $0.2205, coinciding with the calmness of the meme coin recovery wave following its strong launch and trading volumes exceeding the average. Meanwhile, DOGE recorded trading volumes of $1.8 billion over the last 24 hours, indicating a 37% decline compared to the previous day, perhaps signaling a decrease in selling pressure, which supports positive Dogecoin price predictions in the foreseeable future.
On another note, Santiment data indicates that one of the Dogecoin whales (large investors) sold 170 million DOGE coins worth over $40 million in the past few days, significantly increasing pressure on the price of the leading meme coin. This is likely a natural step to take profits after Dogecoin's strong launch, and it could positively impact its upward momentum given that the market has recently reached extremely high levels on the daily chart.
Dogecoin price predictions as its movements form a promising flag pattern and are poised to touch $0.35.
The recent decline in DOGE's price has led to the formation of a flag pattern. The appearance of such a pattern after a strong upward wave indicates price consolidation and the possibility of continuing the rise after a temporary correction. The positive significance of this pattern is confirmed if the price can break through the upper boundary of the flag pattern at $0.24 and surpass it. If this breakout is accompanied by strong trading volumes, it could indicate the likelihood of continuing the upward trend, potentially pushing the price of DOGE towards $0.35 in the foreseeable future. Furthermore, the formation of this pattern confirms the availability of a more attractive entry opportunity than it was a week ago for those who missed its previous launch to benefit from its anticipated surge. In any case, it is important for interested parties to monitor the support level of $0.18, which corresponds to the second highest recorded DOGE price recently. A rebound above this level is considered a sign of the strength of its anticipated launch and strong support. If the price continues to gain momentum alongside increasing uses of Dogecoin and strong community support, reaching the $1 mark will become a realistic long-term goal. With the strong recovery of meme coins, new crypto offerings, notably SUBBD (SUBBD), have drawn significant attention due to their high growth potential.
