Summary
TLDR: Dogecoin price is showing bearish behavior, with whale addresses selling off large amounts. Short-term holders may cause further decline. A rising wedge pattern suggests a potential 42% drawdown to $0.105. However, if $0.220 becomes a support floor, further growth may occur. Always do your own research before making financial decisions.
Key Points
1. Dogecoin (DOGE) price is witnessing increasingly bearish behavior from investors combined with pessimistic market cues.
2. Dogecoin Investors’ Bullishness Fading?
Dogecoin’s price is primed for a decline, and with the lack of support from DOGE holders, this correction could arrive quicker than expected. Whale addresses are noting a pullback as they are offloading their investments. The addresses holding between 10 million and 100 million DOGE have sold off more than 300 million DOGE worth nearly $55 million since the beginning of the month. Their increasing pessimism could cause considerable losses to retail investors.
3. DOGE Price Prediction: Expect a Drawdown
Dogecoin’s price is highly bearish at the moment, considering the aforementioned factors as well as broader market cues. To make it worse for DOGE holders, the meme coin is currently stuck in a rising wedge. A rising wedge is a bearish chart pattern characterized by converging trendlines sloping upwards, indicating a potential reversal. Breakdown below the lower trendline acts as a signal for further downward movement.