Dogecoin

bullish

Elon Musk

DOGE, the largest meme cryptocurrency by market cap, shows a slight upswing to $0.102 on Saturday, defying the current market uncertainty. The bullish momentum can be attributed to the recent win for Elon Musk and Tesla in the DOGE manipulation lawsuit. With sustained buying, the Dogecoin price is set to challenge the resistance trendline long-coming wedge pattern, signaling a pivotal moment for its holders.
<h2 id="span-style-font-weight-400-dogecoin-price-rebounds-amid-whale-accumulation-and-onchain-recovery-span">Dogecoin Price Rebounds Amid Whale Accumulation and Onchain Recovery</h2>
The dog-themed <a href="https://coingape.com/price/dogecoin/" rel="noopener noreferrer nofollow">meme coin</a> shows a 5-month correction trend under the influence of a falling wedge pattern. Resonating within the two converging trendlines, the coin price plunged from $0.228 to $0.1, registering a loss of 56%.
However, the pattern formation often concludes with a major breakout from the overhead trendline, signaling the end-of-correction trend. By press time, the Dogecoin price had traded at $0.1016 while boasting a market cap of $14.8 billion.
The coin price recently reclaimed the $0.10 psychological level after <a href="https://coingape.com/markets/can-dogecoin-price-hit-0-15-after-elon-musk-lawsuit-win/" rel="noopener noreferrer nofollow">Elon Musk secured a victory</a> in the ongoing class-action lawsuit accusing him of manipulating Dogecoin prices. This conclusion will likely <a href="https://coingape.com/markets/can-dogecoin-price-hit-0-15-after-elon-musk-lawsuit-win/" rel="noopener noreferrer nofollow">reopen Dogecoin payment</a> for Tesla merchandise and may also bolster DOGE payments for its vehicles.
If the bullish momentum persists, the coin price could rise 6% to challenge the resistance trendline of the wedge pattern. A potential breakout will accelerate the buying pressure and surge the asset past $0.143, followed by $0.174.
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/t/tpromjio.png" alt="BINANCE: Dogecoin Price" width="1946" height="937">
 <figcaption class="wp-caption-text">
 DOGE/USDT – 1d Chart
 </figcaption>
</figure>
According to the <a rel="noopener noreferrer nofollow" href="https://www.intotheblock.com/">Intotheblock</a> analytics, the total address with a DOGE balance is set to surpass the 6.6 Million mark. This uptrend highlights Dogecoin’s growing interest and adoption as more users hold the cryptocurrency in their wallets.
<figure id="attachment_214904" aria-describedby="caption-attachment-214904" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-214904" src="https://coingape.com/wp-content/uploads/2024/09/ITB_doge_total_addresses_dogecoin_2024-08-31T20_11_35.055Z.png" alt="Total Addresses" width="1200" height="800" srcset="https://coingape.com/wp-content/uploads/2024/09/ITB_doge_total_addresses_dogecoin_2024-08-31T20_11_35.055Z.png 1200w, https://coingape.com/wp-content/uploads/2024/09/ITB_doge_total_addresses_dogecoin_2024-08-31T20_11_35.055Z-300x200.png 300w, https://coingape.com/wp-content/uploads/2024/09/ITB_doge_total_addresses_dogecoin_2024-08-31T20_11_35.055Z-768x512.png 768w, https://coingape.com/wp-content/uploads/2024/09/ITB_doge_total_addresses_dogecoin_2024-08-31T20_11_35.055Z-150x100.png 150w, https://coingape.com/wp-content/uploads/2024/09/ITB_doge_total_addresses_dogecoin_2024-08-31T20_11_35.055Z-272x182.png 272w" sizes="(max-width: 1200px) 100vw, 1200px">
 <figcaption id="caption-attachment-214904" class="wp-caption-text">
 Total Addresses | Intotheblock
 </figcaption>
</figure>
Moreover, the supply distribution metric from <a rel="noopener noreferrer nofollow" href="https://santiment.net/">Santiment</a> highlights a continuous accumulation trend from whale wallets holding 10 million to 100 Million DOGE since August 2023. The large holders’ buying activity often boosts market confidence, indicating the potential for a price rebound.
<figure id="attachment_214905" aria-describedby="caption-attachment-214905" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-214905 size-full" src="https://coingape.com/wp-content/uploads/2024/09/Dogecoin-DOGE-01.43.44-01-Sep-2024.png" alt="Dogecoin (DOGE) " width="3840" height="1300" srcset="https://coingape.com/wp-content/uploads/2024/09/Dogecoin-DOGE-01.43.44-01-Sep-2024.png 3840w, https://coingape.com/wp-content/uploads/2024/09/Dogecoin-DOGE-01.43.44-01-Sep-2024-300x102.png 300w, https://coingape.com/wp-content/uploads/2024/09/Dogecoin-DOGE-01.43.44-01-Sep-2024-1224x414.png 1224w, https://coingape.com/wp-content/uploads/2024/09/Dogecoin-DOGE-01.43.44-01-Sep-2024-768x260.png 768w, https://coingape.com/wp-content/uploads/2024/09/Dogecoin-DOGE-01.43.44-01-Sep-2024-1536x520.png 1536w, https://coingape.com/wp-content/uploads/2024/09/Dogecoin-DOGE-01.43.44-01-Sep-2024-2048x693.png 2048w, https://coingape.com/wp-content/uploads/2024/09/Dogecoin-DOGE-01.43.44-01-Sep-2024-150x51.png 150w" sizes="(max-width: 3840px) 100vw, 3840px">
 <figcaption id="caption-attachment-214905" class="wp-caption-text">
 Dogecoin Supply Distribution | Santiment
 </figcaption>
</figure>
On the contrary, if the <a href="https://coingape.com/price-predictions/dogecoin-doge-price-prediction/" rel="noopener noreferrer nofollow">Dogecoin price prediction</a> hints at a reversal from the overhead trendline, the current correction could prolong for the coming weeks or months. The bearish alignment between the daily exponential moving averages (20, 50, 100, and 200) hints that the path to least resistance is down.
The post <a href="https://coingape.com/markets/dogecoin-price-6-reversing-5-month-0-15-breakout/" rel="noopener noreferrer nofollow">Dogecoin Price 6% Away from Reversing 5-Month Correction, $0.15 Breakout Ahead?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Dogecoin Price 6% Away from Reversing 5-Month Correction, $0.15 Breakout Ahead?

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