DOGE Berjuang Naik: Apa Peran Whale dalam Pergerakan Ini?

Dogecoin Fights to Recover

Dogecoin (DOGE) is currently on the brink of a price recovery. However, the extent of this potential recovery remains uncertain. The key question is whether DOGE can rally significantly amidst the prevailing market conditions and whale activity.

Dogecoin Breaks Falling Wedge

Dogecoin recently broke out of a falling wedge pattern it had been following since April. This pattern is typically a bullish reversal pattern, suggesting that lingering bullish sentiment has prevented substantial losses for DOGE.

Whale Uncertainty Poses Challenges

However, uncertainty among large wallet holders, often referred to as whales, poses a significant challenge to a robust recovery.

DOGE Struggles Amidst Whale Sales

According to a BeinCrypto report, the Global In/Out of the Money (GIOM) indicator suggests that around 35.27 billion DOGE were bought between the levels of $0.105 and $0.114. This supply, worth almost $4 billion, would become unprofitable if DOGE falls below $0.105, a crucial support level for the memecoin. The GIOM indicator implies that a significant portion of DOGE is held by investors who prefer to see prices remain above this critical threshold.

Resistance from Whale Selling

As DOGE attempts to reclaim its position within the falling wedge pattern, it faces resistance from whale selling. These large wallet holders have been reducing their holdings since the beginning of the month.

Over the past nine days, addresses holding between 10 million and 100 million DOGE have reduced their holdings by 400 million DOGE, worth $44.8 million. This large-scale selling indicates that whales are attempting to mitigate their losses, contributing to DOGE's price struggles.

Critical Resistance and Target

Currently, Dogecoin is trading at $0.112, having recovered from its recent lows. The next critical resistance level is $0.116. If DOGE manages to break above this level, it would re-enter the bullish reversal pattern of the falling wedge.

According to this pattern, the price target for DOGE is $0.220, representing a potential upside of 74.46%. However, reaching this target seems less likely given the current market dynamics.

Challenges in Recovery

The recovery path for DOGE is fraught with challenges. Breaking the resistance at $0.116 is crucial to its bullish prospects.

Failure to hold this level could result in a dip back to $0.116, and if this support is breached, it would negate the bullish narrative, potentially returning DOGE to its current price levels.