Key Insights:
- Dogecoin forms a symmetrical triangle, signaling an imminent 22% breakout with key levels at $0.42 resistance and $0.38 support.
- Whales purchased 140M DOGE worth $56M, showing strong accumulation amid recent price volatility and potential breakout.
- The Dogecoin lawsuit against Elon Musk is officially closed as investors withdraw their appeal and drop related sanctions.
Crypto analyst Ali Martinez has predicted that Dogecoin (DOGE) could soon experience a 22% price movement, with the direction dependent on a breakout from its current trading range of $0.42 to $0.38.
Martinez emphasizes the importance of an hourly close beyond this range, as it would signal the next major trend for DOGE.
#Dogecoin $DOGE is on the verge of a 22% price movement. An hourly close outside of the $0.42-$0.38 pocket will determine the direction of the breakout. pic.twitter.com/nAu6OHpShM
— Ali (@ali_charts) November 14, 2024
At press time, Dogecoin traded at $0.3592, reflecting a 9.83% decline in the past 24 hours, despite an 81.93% increase over the past week. The cryptocurrency maintains a market cap of $52.78 billion, with a 24-hour trading volume of approximately $14.88 billion.
Symmetrical Triangle Indicates Imminent Breakout
Dogecoin’s price is forming a symmetrical triangle pattern, a common chart formation characterized by lower highs and higher lows, converging toward an apex. This setup suggests a period of consolidation, with the price preparing for a sharp directional move.
Meanwhile, the upper Trendline Resistance is currently at $0.4172, while the Lower Trendline Support sits at $0.3794. As the price nears the apex, trading volume has contracted, a typical precursor to a breakout.
Analysts are watching for a decisive move beyond the triangle’s boundaries. A breakout above resistance could trigger a bullish run, while a breakdown below support could lead to further declines.
Potential Scenarios for Dogecoin
If Dogecoin breaks above the $0.4172 resistance, the price could rally significantly. Based on the height of the triangle at its widest point (approximately $0.075), a bullish breakout could target $0.4922. For this scenario, strong buying volume would be required to confirm the upward momentum.
On the downside, if DOGE falls below the $0.3794 support, it could trigger a bearish move. Using the same height measurement, a breakdown could see prices drop to around $0.3044. Market participants are closely monitoring these levels as DOGE approaches a critical juncture.
Whale Activity Suggests Accumulation
Dogecoin whales—large holders managing between 10 million and 100 million DOGE—purchased 140 million DOGE worth approximately $56 million. Whale activity is often a significant factor in determining market trends, as large transactions can influence liquidity and sentiment.
#Dogecoin whales bought 140 million $DOGE in the past 24 hours, worth around $56 million! pic.twitter.com/ROFi7giNXy
— Ali (@ali_charts) November 15, 2024
Recent data shows that whales have been actively accumulating DOGE since October 2023, aligning with the initial stages of the current rally. However, during the peak rally in November, some whales began to take profits, leading to a slight reduction in holdings.
Despite this, most large holders continue to maintain their positions, suggesting confidence in Dogecoin’s long-term potential.
Dogecoin Lawsuit Against Elon Musk Officially Ends
In a separate development, the Dogecoin lawsuit against Elon Musk has been officially closed after investors decided to withdraw their appeal. The lawsuit, which accused Musk of fraud and insider trading, claimed that his public endorsements, tweets, and media appearances—particularly his appearance on NBC’s “Saturday Night Live”—were used to manipulate DOGE’s price for personal gain.
The case, originally filed in federal court, was dismissed earlier this year. Investors had also sought sanctions against Musk’s legal team, but these requests have now been dropped. This marks the end of a high-profile legal battle involving the Tesla CEO and the popular cryptocurrency.
Musk’s public comments and actions have had a notable influence on Dogecoin’s price in the past, but the lawsuit’s conclusion removes legal uncertainty surrounding his involvement with the asset
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