Dogecoin (DOGE) at Risk: Factors Leading to a Potential Correction
Dogecoin (DOGE) Potential Correction: Key Factors and Market Analysis
The price of Dogecoin (DOGE) is facing a potential risk of correction due to bearish investor behavior and market indicators. Dogecoin's current position in a rising wedge pattern suggests a likely decline if not broken. The decreasing bullishness among DOGE holders and the selling pressure from whale addresses may lead to significant losses for retail investors.
Dogecoin Investors’ Bullishness Fading?
Dogecoin's price is primed for a decline, and with the lack of support from DOGE holders, this correction could arrive quicker than expected. Whale addresses are noting a pullback as they are offloading their investments.
- The addresses holding between 10 million and 100 million DOGE have sold off more than 300 million DOGE worth nearly $55 million since the beginning of the month.
- Their increasing pessimism could cause considerable losses to retail investors.
DOGE Price Prediction: Expect a Drawdown
Dogecoin’s price is highly bearish at the moment, considering the aforementioned factors as well as broader market cues. To make it worse for DOGE holders, the meme coin is stuck in a rising wedge.
- A rising wedge is a bearish chart pattern characterized by converging trendlines sloping upwards, indicating a potential reversal.
- Breakdown below the lower trendline acts as a signal for further downward movement.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.