Dogecoin Shows Resilience Amid Market Downturn: Can It Break $0.15 by October’s End?

Dogecoin Shows Resilience Amid Market Downturn: Can It Break $0.15 by October’s End?

On Wednesday, the crypto market faced a wave of selling pressure as Bitcoin approached the critical $60K support level. While most major altcoins mirrored Bitcoin’s decline, Dogecoin stood out by posting a modest 0.4% intraday gain. Its neutral candle formation indicates that DOGE is maintaining a sideways trend, but signs of whale accumulation and an impending breakout from a triangle pattern point to a possible rally toward $0.15.

Will Dogecoin Price Hit $0.15 by the End of October?

Amid the ongoing Iran-Israel conflict, Dogecoin experienced a sharp reversal, dropping from $0.132 to $0.1 — a 19% decline — causing its market cap to fall to $15.75 billion. A closer look at the daily chart reveals that this pullback is part of a bear cycle within a symmetrical triangle pattern. Since June 2024, DOGE has been trading between two converging trendlines that serve as dynamic resistance and support, signaling a sideways trend.

Typically, this chart pattern represents a temporary correction before a directional move resumes post-breakout. However, Dogecoin’s recent breakdown below the 100 and 200-day Exponential Moving Averages suggests mounting selling pressure, potentially leading to a further 6% decline, testing the psychological support at $0.1. A rebound from this level could keep the consolidation phase intact, offering buyers a chance to target $0.122.

Should DOGE manage to break the upper trendline resistance by mid-October, bullish momentum could push the price to $0.15 before the end of the month.

Whales Show Confidence Amid Accumulation Spike

Santiment data indicates that Dogecoin holders with wallets containing between 1 million and 10 million DOGE have been steadily increasing their holdings, now totaling 10.63 billion DOGE. This rise in whale activity, despite recent market volatility, suggests growing confidence among large holders about Dogecoin’s future prospects. Historically, an increase in whale accumulation has often signaled a market bottom and a potential reversal.

DOGE Faces Resistance at $0.124 with 44.79 Billion Whale Supply

According to Intotheblock, the $0.124 resistance level is underpinned by 44.79 billion DOGE held by 311.21K addresses. The high concentration of supply at this price level, coupled with the triangle pattern resistance, may trigger renewed selling pressure.

As a result, while Dogecoin could continue consolidating in the near term, there remains a risk of a breakdown from the triangle pattern if key support levels are not maintained.