Dogecoin price plunged from $0.115 to $0.098 within a fortnight, registering a 14.6% loss. This bearish reversal within a falling wedge pattern indicates that traders’ sentiment continues to favor selling during price bounces. If the broader market experiences an extended correction in September, DOGE could break below the $0.091 support, further solidifying the sellers’ control over the asset. Will buyers mount a counterattack?
Dogecoin Price Ride Steady Downtrend Amid Wedge Formation
The Dogecoin price has consolidated between $0.115 and $0.093 for over a month. While the shorter timeframe shows this sideways action as a lack of initiation from buyers or sellers, the broader highlights a falling wedge pattern in play.
Under the influence of this pattern, the DOGE price fell from $0.228 to $0.097 within five months, registering a loss of 57%. Consecutively, the market cap plunged from $14.2 Billion. As the pioneer cryptocurrency Bitcoin price shows sustainability below the $60000 level, the bearish momentum in the altcoin market continues to mount.
If this dog-themed meme coin breaks below the $0.091 support, the selling pressure will intensify and plunge the asset 11.6% down to $0.8.
DOGE/USDT – 1d Chart
However, the on-chain metric MVRV (Market Value to Realized Value) Ratio of the past 30-day plunged to -3.59%, according to Santiment data. The negative value indicates that short-term traders are witnessing a loss in their investment and may exit from panic selling.
30-day MVRV Ratio | Santiment
While the liquidation may cause initiation down, this signal often welcomes major players in the market to accumulate the discount price and drive the price higher.
Additionally, the In/Out of the Money Around Price (IOMAP) metric reveals that 1.74 million addresses collectively hold 17 billion DOGE up to the $0.105 price level, represented by three small red spheres. This suggests minimal resistance or supply pressure for buyers until the price reaches $0.11.
Dogecoin IOMAP – Intotheblock
If the bullish momentum resumes, the Dogecoin price prediction could signal a 6-8% jump to the overhead trendline at $0.105, preparing a major breakout. Once buyers successfully breach the wedge resistance, the breakout market move accelerates quickly, potentially driving the asset toward the $0.15 target within 2-3 weeks.
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