Popular crypto analyst Satoshi Flipper has shared a strong bullish prediction for Dogecoin (DOGE), projecting an incoming 90% price surge. This forecast comes amid DOGE’s steady uptrend over the past five days. However, the memecoin remains in a broader downtrend as indicated by its 8.11% decline in the past seven days.
Dogecoin Eyes Breakout As Falling Wedge Pattern Forms
The DOGE market has shown some resilience recently, rising by 7% since it reached a new local bottom of $0.14 on March 11. Notably, the asset’s overall performance in the past month has been highly negative, as illustrated by a price loss of 32.11% in this period. However, it appears the recent market gains could result in a strong price recovery.
According to Satoshi Flipper on March 15, a falling wedge has formed on DOGE’s daily chart hinting at an imminent price breakout. In technical analysis, the falling wedge represents a classic bullish chart that occurs when price movement produces a sequence of lower highs and lower lows resulting in two converging trendlines.
Generally, this chart pattern as seen above indicates a weakening downward momentum suggesting a potential price reversal provided that the price can move beyond the upper trend line of the wedge.
Upon a successful breakout, Satoshi Flipper predicts Dogecoin could surge to around $0.32 representing a potential 88% gain on the current market price. However, it is worth noting that DOGE will likely encounter some significant resistance at $0.20, $0.24, and $0.27 in having any sustained uptrend.
On the other hand, a rejection at the upper trend line could likely result in a price fall below the lower trend line. In this scenario, DOGE would maintain its downtrend with the potential to trade as low as $0.12 at which lies its next resistance.
Miners Offload 65 Million DOGE In Two Days
Amid the broader price struggles, renowned analyst Ali Martinez reports that DOGE miners have been actively reducing their holdings. According to Martinez, Dogecoin miners have sold 65 million units, valued at $11.4 million, in the past 48 hours. Generally, miners’ offload of any asset is interpreted as a bearish sign which can increase market supply leading to price decline. Furthermore, traders tend to pay attention to such sales as an indication of incoming price fall.
However, it is worth noting that DOGE miners could be selling holdings for other reasons such as to cover operational costs or general profit considering the ongoing price gain. Notably, following this recent offload, DOGE price has shown no negative reaction indicating a sufficient market demand that has absorbed all selling pressure.
At press time, Dogecoin continues to trade at $0.17 reflecting a 2.61% gain in the past day.
