Dogecoin price<\/a> has witnessed a slow yet steady correction trend resonating within two downsloping trendlines for the past three months. The trendlines act as major dynamic resistance and support for this memecoin developing a bullish continuation pattern called flag.<\/span><\/p>\nUnder the influence of this pattern, the DOGE price turned down from $0.228 to 15 15-week low of $0.113 registering a loss of 50.4%. However, the price is now stabilizing around $0.12 as accompanied by other technical levels such as 50-weekly EMA, 61.8% FIB, and support trendline of the flag.<\/span><\/p>\n\nThe renewed demand pressure at support confluence is evidenced by Tuesday\u2019s long-tail rejection candle. Today, the DOGE price is up 1.62% to trade at $0.124 while the market cap reaches $18 Billion.<\/span><\/p>\n<\/blockquote>\n<\/p>\n
If the pattern holds true, the buyers could lead around a 15% upswing to hit the overhead trendline at $0.142. However, a breakout above the pattern\u2019s resistance is needed for a better trend reversal signal which allows the asset to target $0.228.<\/span><\/p>\nAlso Read: Dogecoin Price Soars Amid Arthur Hayes\u2019s Increasing Bets On DOGE, What\u2019s Next?<\/a><\/p>\nAccording to recent data from crypto analytics firm IntoTheBlock, the largest holders of Dogecoin, commonly referred to as whales, have been decreasing their holdings over the past year. The percentage of Dogecoin supply held by entities owning more than 0.1% each has seen a notable decline, dropping from 45.3% to 41.3%.<\/span><\/p>\n
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