Dogecoin (DOGE) price traders are eyeing a major price move as the meme coin consolidates within a bullish falling wedge pattern.
Analysts predict that a breakout above $0.276 could trigger the liquidation of over $94 million in short positions. This would potentially propel the price toward $0.30.
With rising open interest and whale accumulation, DOGE appears primed for heightened market activity.
In addition, long-term forecasts from market analysts suggest that Dogecoin could surpass $10 during the next significant market cycle, driven by historical price surges and increasing interest from large holders.
Dogecoin Price Falling Wedge Targets $0.30 Breakout
The 4-Hour chart of Dogecoin price (DOGE) presents the falling wedge pattern, which is seen to be a reversal pattern.
This is where two converging trend lines are formed due to the formation of lower highs and lower lows as the bearish pressure get weak.
At the time of writing, DOGE was at $0.25381, further up, the price was being resisted by the upper trend line.
Technical Indicators Show Momentum Building
Currently, the Relative Strength Index (RSI) of DOGE is at 46.00. This is most of the time neutral but leans towards oversold.
MACD has indicated an improving bull trend with the histogram bar proceeding to the positive side. This means that bearish pressure is declining.
Analyst Ali points out that $0.276 is a critical level, with $94 million in short liquidations at risk across major exchanges.
If Dogecoin price (DOGE) surpasses this level, it could act as a catalyst for rapid upward movement. This marks a significant shift in market sentiment.
Open Interest and Whale Activity Boost Market Confidence
Open interest (OI) data shows that users are active in the futures and options market of Dogecoin.
The open interest of $1.2 billion shows that traders are opening new positions on different exchanges. It looks slightly up by 1.20% in the last 24 hours.
Among the leading derivatives exchanges, Binance has the highest OI at $ 554.9 million. Bybit is at the second position at $395.6 million.
This concentration means that most of the actions happen in these platforms. These are the places that can be used to closely track the prices.
At the same time, there is concentration of whales which is referred to as the whale accumulation.
As per the on-chain data, large investors have purchased 750 million Dogecoin (DOGE) during the low trend.
The accumulation by large holders has risen by 5.33% in the last seven days, while the rise in large holder activity within the last 90 days was up 3,722.46%..
Short- and Long-Term Scenarios for Dogecoin Price
In the short term, the level that has the most influence on DOGE is located at $0.276.
Essentially, the price may rise to $0.30 in the shortest time and more resistance may be found around $0.32-$0.35.
Nevertheless, the levels failed to be breached to the upside and this brings about a possibility of a tumble back to $0.25 or even as low as $0.20-$0.22.
Long-Term Predictions
Analysts are increasingly optimistic about DOGE’s potential in the next major market cycle.
Drawing on historical patterns, which saw Dogecoin surge by 21,821% and 54,890% in previous bull markets, some projections suggest that DOGE could surpass $10.
