Dogecoin Chart Pattern Reveals a 65% Potential Rally to $0.17

The cryptocurrency market continues to struggle. Bitcoin falls below $60,000. Even altcoins are facing huge bearish pressure, but memecoins seem to be resilient.

Leading meme currency Dogecoin shows Potential breakthrough A rebound in the next few days. However, Crypto Fear and Greed Index This indicates that investor sentiment is highly pessimistic, which may Unknown significant actions This is true even for top meme coins like DOGE.

$DOGE 10x potential or too good to be true? 🚀

It had been trading inside this channel since February 2021 for more than 1,127 days until it broke out with a huge candle in February 2024. Since then, it has been retesting the breakout.

This is why I believe DOGE can grow 10x to nearly… pic.twitter.com/IaDIP6k2I3

— Cryptorphic (@Cryptorphic1) August 9, 2024

Can Dogecoin rebound given wider market woes?

Dogecoin Shows Mixed Signals, Rally Possible Ahead

Data from Enter the neighborhood Revealed 68% of Dogecoin holders are still profitablewhile 26% of DOGE holders bought at prices above the current price.

With 68% of Dogecoin wallets still in profit, the asset has shown resilience and is currently ranked fourth among assets with a market cap of over $1 billion.

However, the network needs a catalyst to drive further development. Here are the reasons: pic.twitter.com/zESlnm6LJ5

— IntoTheBlock (@intotheblock) August 7, 2024

Additionally, 67% of Dogecoin holders have held their assets for more than a year; Only 2% of people hold DOGE for less than a month. These data suggest that despite recent market troubles, most investors remain bullish on Dogecoin.

However, New Address It has been slowly declining, indicating a lack of new investors in the Dogecoin ecosystem.

The number of new addresses has been slowly trending downward, indicating a lack of new participants joining the network. pic.twitter.com/HncVn9qNoa

— IntoTheBlock (@intotheblock) August 7, 2024

also, Trading Volume The price of Dogecoin has been highly volatile over the past three months, with many days showing very low trading volume. During this period, the price of Dogecoin has seen several notable, albeit short-lived, spikes.

Enter the neighborhood believe The average holding period for DOGE holders is 2.3 years, which is related to low transaction volume and a decrease in new addresses. New investors may not enter the network, but No existing sales But they still keep the DOGE coins.

An important nuance to consider regarding lower trading volumes is the loyalty of holders, with the average holding period being 2.3 years!

People may not be actively using the network, but they certainly aren’t selling 💎 pic.twitter.com/zf8ZqbxlXY

— IntoTheBlock (@intotheblock) August 7, 2024

Additionally, Dogecoin (DOGE) remains one of the top 10 cryptocurrencies with a market cap of more than $1 billion. As of August 13, Dogecoin is trading at $0.104, It is down 2.4% in the past 24 hours.

Amid heavy pressure from sellers, Dogecoin faced rejection at the $0.108 resistance level, causing the price to decline.

However, the stock found support at $0.103 and is now approaching the middle line of the Donchian Channel (DC). This suggests that the stock could retest the $0.108 threshold.

The RSI is 42.97, which indicates that the market is in a neutral position. A low RSI suggests room for growthTherefore, DOGE is likely to break above the $0.108 resistance level in the coming days.

If DOGE breaks above $0.108, the next long-term target will be $0.17. That’s a 65% increase from the current price..

Analyst Cryptorphic Shares Dogecoin Prediction

Crypto Analyst Cryptobiotic Believes DOGE has 10x potential. Cryptorphic’s DOGE chart from August 9 shows that it has been in a price channel since February 2021.

However, DOGE broke out with a huge candle 1,127 days later in February 2024 and continues to retest the breakout.

according to AnalystDogecoin can rise 10 times, with its price rising to nearly $1, depending on several factors. He noted that attempts to break out of a long-term accumulation channel are being tested, and Dogecoin A strong weekly cross appeared.

In addition, Cryptorphic believes that Elon Musk may This year’s US presidential electionHe noted that the RSI indicator is still below 45, which provides ample room for gains.

In addition, the analyst stressed that memecoins have outperformed more robust projects recently. Cryptorphic also pointed out that multiple indicators suggest a bull run is imminent. He believes that given DOGE’s position in the memecoin space, it will lead the rally in this bull run.

Analysts believe that a DOGE close above $0.11 means Trigger points for uptrendsOverall, Dogecoin faces price volatility but could rise in the short term if buyers sustain its price.