- Dogecoin price is down 5% in 24 hours to hover near $0.22.
- The DOGE price movement is similar to that of most altcoins that are seeing profit-taking.
- Analysts are bullish on DOGE as whale accumulation continues.
Dogecoin (DOGE) has experienced a slight decline in the past 24 hours, dropping to lows of $0.22 amid a technical pattern breakdown.
The top memecoin’s price movement mirrors the broader cryptocurrency market’s price action in the past few days.
Bitcoin dipping to below $117k and Ethereum paring gains from near its all-time high buoyed bears.
While profit taking is driving current downside pressure, analysts are bullish on Dogecoin amid whale accumulation, spot ETF anticipation and long-term crypto trajectory.
Dogecoin price dips amid profit-taking
The latest decline in Dogecoin’s price has seen it breach a critical support level, driven by profit-taking and overall investor uncertainty.
DOGE reached highs of $0.24 as bulls attempted a breakout after an uptick from lows of $0.21 in the past week.
But as investors, wary of macroeconomic uncertainties, took profits, the top memecoin’s price dropped from above $0.24.
The move aligns with a rising wedge breakdown, which has accelerated the downturn to the support level around $0.22.
Bulls could face more pressure towards the psychological $0.20 area.
Despite the bearish price action, on-chain data reveals large investors are buying the dip.
Whale wallets, which have historically scooped DOGE amid price dips, have added to their portfolios.
Aggressive buying by whales has seen such wallets approach 100 billion DOGE in the past few weeks, the trend picking up momentum in the latest dip.
This is an outlook that could help DOGE price higher.
However, the memecoin is likely to hit the rocks if the Dogecoin network suffers a setback from a potential 51% attack, which could undermine network integrity if executed.
DOGE price prediction
The technical outlook for Dogecoin remains largely bullish, despite its notable dip in the past 24 hours.
However, losses have compounded to more than 12% in the past month, and the breakdown below $0.23, a critical threshold, has opened the door to further downside risks.
DOGE has, on multiple occasions, failed to convincingly break above the $0.24 mark.
With this supply wall helping to repeatedly cap Dogecoin’s upward potential, bears have tried to take advantage.
The breakdown of the rising wedge means the next target could be $0.20 or below.
Broader market conditions deteriorating will embolden bears.
DOGE chart by TradingView Conversely, bullish signs that could help bulls include the recently formed golden cross and whale activity.
The technical indicators on the daily chart also show that DOGE is above the middle line of the Bollinger Bands, and the MACD is also holding onto the bullish picture.
Daily RSI is suggesting extended pressure, though.
If buyers reclaim the $0.23 level, a retest of $0.40 and $0.65 is possible. Analysts say a breakout to $1 in 2025 is still possible.
