Dogecoin, the first-ever meme coin, continues to intrigue whales and signals a potential rally ahead. Amid such conditions, here’s the key level to watch for a bullish entry opportunity.
By Vishal Dixit
Edited by Julia Sakovich
Updated
3 mins read
Dogecoin DOGE $0.16 24h volatility: 1.0% Market cap: $23.45 B Vol. 24h: $462.37 M , the biggest meme coin in the crypto market, is trading at a market price of $0.25. With an intraday recovery of 0.52%, DOGE price trend nears a potential triangle breakout.
With a market cap of $37.93 billion, Dogecoin holds more than 50% of the meme coin market capitalization, worth $69.15 billion. As the DOGE price nears a triangle breakout rally, the bullish anticipation of a new rally increases with the growing interest of whales.
In the 4-hour price chart, Dogecoin reveals its long-coming resistance trendline since mid-January. However, with the recent recovery from crucial support at $0.24, Dogecoin has now made a symmetrical triangle pattern.
Dogecoin price chart
The resistance trendline has resulted in multiple overhead rejections, fueling the downfall. Similarly, the local support trendline has resulted in multiple overpriced rejections, holding the Dogecoin prices above $0.24.
Currently, the short-term recovery within the triangle pattern nears the overhead trendline. With the increasing momentum amid broader market recovery, Dogecoin hints at a potential breakout rally.
Supporting the upside chances, the 4-hour RSI line has reached the halfway level, signaling a shift in bullish trend momentum. Hence, the RSI indicator supports the possibility of a triangle breakout rally in the DOGE price trend.
However, the prevailing downfall has resulted in a bearish alignment of the 50, 100, and 200-day EMA lines. These crucial dynamic levels now act as resistance levels, rising at $0.2583, $0.2670, and $0.2873 respectively.
With the triangle breakout rally, the short-term potential reveals likelihood of Dogecoin crossing above the $0.30 psychological mark. The two crucial supply zones at $0.31 and $0.42 could act as the next crucial price targets.
On the flip side, the support levels remain at $0.24344 and $0.20 psychological mark.
Supporting the chances of a bullish comeback, Ali Martinez, a crypto analyst, has highlighted a growing interest of whales in Dogecoin over the past 48 hours.
Whales bought 110 million #Dogecoin $DOGE in the last 48 hours! pic.twitter.com/bwMiGNW0gp
— Ali (@ali_charts) February 21, 2025
Based on sentiment data, over the past 48 hours, whales have bought 110 million Doge. At the current market price of $0.25, this is worth $27.50 million.
Furthermore, Ali Martinez in a different tweet has highlighted a triangle pattern in the hourly chart. Based on his analysis, the overhead trendline is at $0.27 and the short-term recovery within the triangle aims for a breakout rally.
#Dogecoin $DOGE could be on the verge of a 25% move as it nears a breakout from this symmetrical triangle! pic.twitter.com/Vf5OgIgRBU
— Ali (@ali_charts) February 20, 2025
As per his projection, Dogecoin shows a potential of 25% up move. Hence, with the rising optimism among analysts and whale demand, Dogecoin nears a potential price jump.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Vishal, a Bachelor of Science graduate, began his journey in the crypto space during the 2021 bull run and has since navigated the subsequent market winter. With a strong technical background, he is dedicated to delivering insightful articles rich in technical details, empowering readers to make well-informed decisions.
