Dogecoin whales have chosen to stay on the sidelines as the market uncertainty heightens. Meanwhile, DOGE’s higher timeframe has formed, which indicates that a bullish reversal could be imminent for the foremost meme coin.
Dogecoin Whales Wait On The Sidelines As HTF Support Forms
In an X post, crypto analyst Ali Martinez revealed that Dogecoin whales are choosing to wait on the sidelines at the moment. He stated that these whales have stayed quiet over the past 96 hours, with no notable spikes in buying or selling pressure. This development is likely due to the current market uncertainty, which has made risk assets like DOGE more volatile than usual.
The Dogecoin price alongside the broader crypto market surged on Saturday following reports that US President Donald Trump had exempted computers, phones, and chips from the tariffs. However, the US President debunked this report on Sunday, which quickly led to a crash in DOGE’s price and other crypto assets.
However, crypto analyst Kingpin Crypto has suggested that now might be a great time to accumulate DOGE despite the current uncertainty. In an X post, he stated that Dogecoin’s chart is one of the best right now in terms of price, which is at a clear level of higher timeframe support. The analyst noted that the market structure is still bearish but added that the risk-to-reward ratio to short the meme coin at this current level is also “awful.”
KingpinCrypto also predicted that the Dogecoin price will fly once the price MSBs and forms a base. His accompanying chart showed that the foremost meme coin could bounce from the current support and rally above the psychological $0.2 price level.
Crypto analyst Bitcoin Sensus also recently alluded to a bottoming formation, which was forming for Dogecoin. Based on this, the analyst predicted that the foremost meme coin could surge to as high as $0.24 in the short term.
DOGE Is Breaking Out Of An Ascending Triangle
In an X post, crypto analyst Trader Tardigrade also provided a bullish outlook for the Dogecoin price, stating that it was breaking out of an ascending triangle. Based on this, the analyst also suggested that the foremost meme coin may have found its bottom. His accompanying chart showed that DOGE is looking to reach close to $0.2 on this breakout.
In another X post, the analyst revealed Dogecoin’s MACD has recorded a bullish crossover on the 3-day chart. He indicated that DOGE was set to rally higher following this development. His accompanying chart showed that the meme coin could rally to as high as $0.65 between June and July.
At the time of writing, the Dogecoin price is trading at around $0.16, down over 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Shutterstock, chart from Tradingview.com
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