Can Dogecoin Price Break $0.15 by the End of October?

Amid the ongoing Iran-Israel war, the Dogecoin price showcased a notable reversal from $0.132 to $0.1, accounting for a 19% loss.

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input: Can Dogecoin Price Break $0.15?

During the ongoing Iran-Israel war, the Dogecoin price dropped sharply from $0.132 to $0.1 and lost approximately 19 percent of its value. As a result, DOGE's market value decreased to 15.75 billion dollars. Looking at the daily chart, it can be seen that this decline creates a bear cycle within a symmetrical triangle pattern.

Since June 2024, the two converging trend lines of this pattern have been trending sideways within two dynamic resistance and support. In theory, this chart pattern provides a temporary correction for the current trend to regain momentum for a post-breakout directional move.

Dogecoin price, which recently fell below the 100 and 200-day Exponential Moving Average, could accelerate selling pressure and cause another 6 percent decline to retest the lower trend at the 0.1 psychological level. A possible reversal from this support could extend the consolidation phase but present buyers with an opportunity for an upside breakout at $0.122.

If the DOGE price manages to break the upper trendline in mid-October, buyers could mount a high-acceleration breakout rally to $0.15 by the end of the month.

According to Santiment's data, the number of Dogecoin holders with 1 million to 10 million DOGE in their wallets has constantly increased and reached 10.63 billion DOGE in total.

This increase in whale holdings since October 2024, despite a major price fluctuation, shows high confidence among the largest holders for the future potential of Dogeoin. Historically, the indicator's upward trend coincides with a major market bottom and a possible reversal.

DOGE Faces Major Resistance at $0.124 in $44.79 Billion Whale Supply

According to Intotheblock, the $0.124 level is supported by 44.79 billion DOGE accumulated by 311.21 thousand addresses. This data from GIOM (Global In/Out Market) shows a high supply concentration that could cause selling pressure at this price point. Coinciding with the triangle resistance, DOGE price may witness renewed selling pressure.

Therefore, a possible reversal could extend the Dogecoin price consolidation trend but maintain the risk of a triangle breakout

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