Crypto Analyst World of Charts has highlighted a bullish pattern that would send the Dogecoin (DOGE) price to recent highs. The analyst predicted that the foremost meme coin could rise to $0.22 when this move occurs.
How Dogecoin Will Rise To $0.22
World of Charts mentioned in an X (formerly Twitter) post that Dogecoin is approaching a falling wedge resistance. If it breaks out, the meme coin could enjoy a 66% price move and rise to $0.22, based on the chart he shared. Interestingly, the analyst added that Dogecoin could rise sharply to $0.30.
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Source: X
Dogecoin has already arrived for the time being of truth, seeing because it is currently trading at across the $0.13 range, which World of Charts noted the falling wedge resistance is at. The foremost meme coin looks well-equipped to interrupt out of this resistance level, considering the present bullish outlook of the market.
On-chain metrics also support such a parabolic rally for Dogecoin. As an illustration, there was a major increase in large transactions, with Bitcoinist reporting that Dogecoin whales bought tens of millions value of DOGE this past week. Data from the market intelligence IntoTheBlock also shows that these whales have been busy, with almost 10 billion DOGE traded within the last 24 hours by these whales.
Further data from IntoTheBlock also shows that there was a rise of over 800% in large holders’ inflow, meaning that these whales are heavily accumulating the foremost meme coin. Such a wave of accumulation can send Dogecoin’s price flying and cause it to possibly reach World of Chart’s predicted price goal of $0.30.
Source: IntoTheBlock
Meanwhile, it is usually value mentioning that almost all Dogecoin addresses (78%) are currently in the cash, meaning they’re in profits. As such, the meme coin will unlikely face significant selling pressure because it continues to maneuver to the upside. Besides, those wallets in profit could help mitigate the impact of any selling pressure that would come from the 22% wallet addresses that would look to interrupt even once their investment becomes profitable.
Source: IntoTheBlock
What Next For DOGE?
Crypto analyst Rekt Capital mentioned in an X post that Dogecoin is retesting the Macro downtrend as recent support. He claimed that a successful retest at this range would “fully confirm” the tip of the Macro downtrend and the start of a recent Macro uptrend. Based on the chart the analyst shared, DOGE could rise to as high as $0.4 once this recent Macro uptrend begins.
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Crypto analyst Capt Toblerone also recently updated his Dogecoin chart evaluation. The analyst predicts that the meme coin could rise to almost $0.3 on its next leg up. Capt Toblerone is one in all those most bullish on Dogecoin, predicting that DOGE could rise to almost $2 at the height of this bull run.
DOGE price struggles against bears | Source: DOGEUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com