Dogecoin price is currently around $0.15 and slightly bearish on the daily timeframe
Analyst, CoinsKid predicts a rally to $0.49 based on technical analysis.
Dogecoin might be "waiting" for a market trigger before significant growth.
Recent whale activity on Robinhood could put downward pressure on prices.
A price increase to $0.5 is possible, but investors should not underestimate the possibility of a short-term dip.
According to data from CoinGecko, Dogecoin currently trades at around $0.15 and is slightly bearish over the last 24 hours before writing, as shown below.
Dogecoin’s current price
However, Dogecoin’s price action is nowhere near where it is set to rally to, if the analyst opinions below hold true.
According to renowned analyst, CoinsKid in a recent post on Twitter (X) shared where he believes Dogecoin to be headed.
Dogecoin’s run to $0.49
According to the analyst, Dogecoin might be on the verge of an incoming rally to the $0.49 zone and beyond, as the bull market comes further into fruition.
This prediction from CoinsKid came amid a general market rally that swept through Bitcoin and the altcoin market earlier in the week.
However, it is interesting to note that while several other cryptocurrencies have been rallying, Dogecoin has been lagging behind the others—almost as if the cryptocurrency is "waiting" for something.
CoinsKid based his outlook on the memecoin’s technical C wave’s bottom as shown by the Elliott pattern in the chart above.
Dogecoin’s decline and retest of this C wave’s bottom around $0.11929 only a few weeks ago, serves as a critical support level, and should never be broken below.
In sum, it is safe to say that as long as Dogecoin does not break below $0.11929 again, a price rally to the 50-cent mark might be imminent.
The whales have wasted no time in revealing their presence so far, considering the staggering 200 million Dogecoin transferred into Robinhood as highlighted by the whale monitoring platform, Whale Alerts.
A whale transfer into Robinhood
This massive tranche of coins, valued at around $30.86 million puts some bearish pressure on Dogecoin, considering how this whale may be positioning themselves to sell a large part—or all of these tokens, which might prompt other investors to do the same.
Moreover, whale movements like these into centralized exchanges have been proven to have a direct tie to price declines in the past, and how this one might affect Dogecoin remains to be seen.
Dogecoin’s price performance
Overall, the chart above shows that Dogecoin is currently testing the upper trendline of a descending triangle, in which a rejection from $0.15 might cause a retest of this $0.11929 support as CoinsKid predicts.
In sum, the general outlook for Dogecoin is that investors should remember:
While a massive price increase to anywhere between $0.35 and the 50-cent mark is entirely possible (maybe even inevitable), the possibility of a decline from this price level in the short term cannot be overlooked.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.