Dogecoin’s price breakout sign has been formed, but this move has not yet been realized. At press time, Dogecoin trades flat for over $0.27. On the 12-hour chart, the coin has shaped a very bullish pattern breakout setup that predicts the target to $0.41, up 46% from its current level.
Still, due to weak responses to market events and the calm before future prices surges, this move takes time to arrive. Read on to learn why you are behind instead of being rejected in the future rally.
Whales and major holder groups will be added to their positions
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The Fed rate reduction hype has cooled down and large holders have stepped up since Dogecoin ETF was launched at CBOE (Chicago Board Options Exchange). The group, which owns 100 million to 1 billion Doge, increased its balance from 26.7 billion on September 17 to 27.4 billion on September 18th.
This is a 24-hour accumulation of 700 million Doges (approximately $199 million).
This has increased significantly in just one day, indicating that larger wallets are betting on higher prices.
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Tracking supply by retention time, HODL Waves also reveals convictions from two extreme hadling groups. The very short-term holder (1 day to 1 week) may have expanded its shares to 3.53% by September 18th, from 0.84% on August 25th to 3.53%.
At the same time, the group for the first and second year, the long-term holders, who have already made profits after a profit of 166.5% year-on-year, also rose from 22.19% in mid-August to 23.63% today.
This extraordinary overlap, with both rapidly moving traders and long-term patient holders being added at once, builds a powerful case of emotions improving beneath the surface. However, in most cases, the behavior of whales and holders takes time to reflect the price.
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This may be one of the reasons why it’s added to Dogecoin’s price breakout delay.
Dogecoin Price Chart shows why 46% breakout rallies are pretty much here
With whale and holder support, Dogecoin Price hasn’t cleared the critical resistance for $0.29. This line indicates the boundary above the flag. The breakout setup goes on standby until the daily close is pushed over it.
CBOE’s ETF list also failed to immediately cause a flood of new demand. Instead, Dogecoin is trading sideways, indicating that the hype was previously priced. That pause is part of the delay.
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Still, the bullish flag pattern remains in effect. When the Dogecoin price exceeds $0.29, the measured travel is heading towards $0.41. The Fibonacci levels of $0.31 and $0.33 are intermediate barriers that you have to clear along the way.
Support is $0.25, and the dip below cancels bullish structures at least for now.
In short, setup is delayed but not rejected. The breakout case is alive despite the delays, as whales add billions of Doges, short-term traders are jumping in, and long-term holders refuse to sell.
If Momentum recovers again, Dogecoin Price still has room for a 46% increase to $0.41.
