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- DOGE support zone $0.220–$0.209 aligns with 200-day SMA.
- Breakout targets range from $0.298 to $0.466.
- Whales bought 30M DOGE, boosting market confidence.
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Dogecoin (DOGE) has seen a slight pullback after a strong start to October, retracing roughly 3% over the past 24 hours. While some traders may view the dip with caution, market analysts suggest the current levels could offer a prime buying opportunity for long-term holders.
Strong Support Around $0.20
A recent TradingView analysis by Bithereum_io highlights a key support zone between $0.220 and $0.209, aligning closely with the 200-day simple moving average (SMA) at $0.204. Since breaking above this level in August, DOGE has maintained steady support above $0.20, creating a foundation for potential rebounds. Analysts recommend keeping an eye on this zone for entry points, as it may serve as a launching pad for the next upward move.
Multiple Targets in Sight
Bithereum_io’s analysis also projects a series of bullish targets if Dogecoin breaks out from its symmetrical triangle pattern. The first target sits at $0.298, reflecting a 16% increase from the current price of $0.256. Further potential gains include $0.337 (32%), $0.394 (54%), and $0.466 (82%), approaching the December 2024 high of $0.4846. These projections suggest a strong possibility for substantial upside if DOGE regains momentum.
Also Read: Dogecoin Rebounds 9% from $0.22 Support as Bulls Target $0.30 Breakout
Whale Activity Fuels Optimism
Adding to the positive outlook, whale activity has surged in recent days. Data shared by analyst Ali Martinez from Santiment shows whales holding between 1 million and 10 million DOGE purchased 30 million coins in the past 24 hours. Their cumulative holdings now total 10.77 billion DOGE, signaling confidence in Dogecoin’s potential upside. This accumulation by major holders often encourages broader market confidence and could drive the next rally.
Despite the ongoing market consolidation, Dogecoin’s technical support, breakout targets, and active whale accumulation make the current period an attractive entry for investors. Traders looking to position themselves for potential gains may consider the $0.220–$0.209 support zone as a low-risk opportunity ahead of a possible bullish resurgence.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
