Dogecoin (DOGE) has dropped by 3% in the past week and currently sits at $0.2205 as the meme coin rally has cooled down a bit after days of strong price upticks and above-average trading volumes.
$1.8 billion worth of DOGE has exchanged hands in the past 24 hours, resulting in a 37% decline in trading volumes compared to the previous day.
This indicates that the selling pressure may be easing and could favor a bullish Dogecoin price prediction in the near term.
Data from Santiment indicated that Dogecoin whales shed 170 million tokens worth over $40 million in the past few days and contributed to putting significant pressure on the price of the top meme coin.
This could be a normal profit-taking move after DOGE’s strong rally and could actually be constructive to the token’s uptrend, as the market had already reached extreme momentum levels in the daily price chart.
Dogecoin Price Prediction: DOGE Forms Bull Flag and Could Rise to $0.35
The latest decline has formed a flag pattern. When this setup pops up after a strong uptrend, it indicates that the price is consolidating and could continue to move higher after a brief pause.
This pattern’s bullish bias would be confirmed if the price breaks above the upper bound of the flag, which means a move above the $0.24 level.
If such a breakout is accompanied by high volumes, it would confirm the continuation of the uptrend and could push DOGE to $0.35 in the near term.
A bull flag affirms that whales’ movement could have actually opened the door for late buyers to enter the rally at a more attractive price than a week ago.
The key support to watch moving forward stands at $0.18, where the second-best higher high lies. If the price bounces off this level it would indicate that the uptrend is still alive and kicking as the token’s bullish price structure will be intact.
And if current momentum holds, combined with Dogecoin’s growing utility and strong community backing, a move toward $1 becomes more than just a meme—it becomes a realistic long-term target.
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The post Dogecoin Price Prediction: Whale Dumps 170 Million DOGE Tokens But Here’s Why a Hidden Move to $1 Could Be Coming appeared first on Cryptonews.
