Sales for altcoins have stalled, and BTC price attempts at $62,000, though weak, are fueling appetite. Today’s ETF application for SOL Coin, if supported by other ETF issuers, could trigger a new wave of altcoin rises. On the other hand, the excitement for tomorrow’s PCE data and the impact of Germany, the USA, and MTGOX BTCs have even limited the SOL Coin price increase.
Dogecoin (DOGE)
BTC is currently finding buyers at $61,700, and $61,500 was maintained as support about an hour ago. If BTC starts making higher peaks, a new return to $72,000 will be expected. Moreover, this time altcoins could experience larger percentage increases. Dogecoin is in a rising formation and ready for a breakout. But can it achieve this?
On the daily chart, DOGE may fall further due to investor behavior. The supply flowing from medium and long-term investors to short-term investors is discouraging for DOGE in such a period. Last month, the supply held by short-term investors increased by 2 billion.
Thus, the total supply of short-term investors rose from 10.5 billion to 13.4 DOGE. The risk of longer-term investors selling to weaker hands, who are more likely to sell easily, highlights the risk of short-term price movements.
DOGE Price Prediction
Hovering within a descending wedge, DOGE is finding buyers at $0.124. This formation, formed by the convergence of downward-sloping trend lines, typically tends to break upwards, indicating a rise. If DOGE wants to successfully break upwards, it must surpass the $0.128 resistance.
So, how high can the DOGE price reach with a successful breakout? The target of the formation is $0.3. However, the interest of short-term investors mentioned in the first section weakens the likelihood of a breakout due to potential profit-taking. This could cause the price to fall to $0.116 with a failed attempt at the upper trend line. Further down, the targeted bottom for DOGE will be $0.105.
In a scenario where the last dip support is lost, the upward trend may be shelved for a while.
