The price of dogecoin (DOGE) recorded a new monthly high at $0.09 this January, amid an ongoing uptrend in the bitcoin (BTC) cryptocurrency market.
According to CoinMarketCap data, DOGE rose 23% in the last 14 days, after raising its price from $0.07 to $0.09. The meme coin suffered a slight setback of 0.36% in 24 hours, to place its value at $0.088 at the time of writing. But will it be able to resume its upward path and break $0.1?
The crypto analyst known as Rekt Capital shared a chart on Twitter showing that the token is struggling to break a pattern, which is often followed by a price spike.
He stated that DOGE’s price is moving within the “Falling Wedge” pattern, testing the top of the indicator and striving to break out.
The “Falling Wedge”, or falling wedge, is a bullish formation pattern on price charts, very useful for predicting a future rise in the value of an asset.
$DOGE is now testing the top of the Falling Wedge, trying to challenge for a breakout#DOGE #Crypto #Dogecoin https://t.co/ivz21BbQzA pic.twitter.com/MYPbTndOTe
— Rekt Capital (@rektcapital) January 22, 2023
However, data from CryptoQuant revealed that the token’s relative strength index was in an overbought position, further increasing the chances of a price drop in the coming days.
The whales behind dogecoin’s rise
Dogecoin was on the list of the top 10 most bought tokens among the top 100 BSC (Binance Smart Chain) whales in the last 24 hours, according to WhaleStats.
The largest BSC Chain holders collectively moved more than 500 million DOGE tokens in 48 hours.
The largest cryptocurrency meme whale also participated in this massive operation and gathered 165 million dogecoins.
Shortly after, another whale moved 150 million DOGE tokens valued at more than $13 million.
The move follows Robinhood trading platform Robinhood’s announcement of the listing of dogecoin on its Robinhood Wallet self-custody app.
Don't worry, we're hard at work on supporting Doge #RobinhoodWallet https://t.co/Hu1Be7EGrT
— Robinhood (@RobinhoodApp) January 20, 2023
Robinhood’s wallet address, “DPDLBA,” is the largest holder of Dogecoin, with about 34.76 billion DOGE tokens, representing 25.21% of the total supply.
The figure equates to $3.1 billion worth of dogecoin in this single wallet alone. The second largest owner barely has 7.08 billion coins, representing 5.14% of the supply.
Artificial Intelligence predicts the price of dogecoin
The Digital Coin Price machine learning algorithm predicted bullish estimates for dogecoin in January and February 2023.
According to the AI, DOGE would place its price at $0.10 sometime this month and peak at $0.19 by February.
However, the AI forecasts that its price could pull back after the rally and plummet toward $0.07 again in late February or March.
WARNING: This is an informational article. Geek Metaverse is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that crypto asset investments are not regulated in some countries. They may not be appropriate for retail investors, as the full amount invested could be lost. Check your country’s laws before investing.
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