Dogecoin, the beloved meme coin of Elon Musk, has been forming a double bottom pattern, which could signal an eventual rebound. But don’t worry, it’s not just any old double bottom – it’s a whale double bottom! 🐳
On July 7th, DOGE was trading at $0.1700, a few points above its year-to-date low of $0.1467. That’s a 35% drop from its highest point in May. But fear not, because the whales are here to save the day!
According to on-chain data, whales have been adding to their positions in the past few months. Holders with between 1 million and 10 million tokens now hold over 10.5 billion, up from 10.32 billion in February. Similarly, those with between 10 million and 100 million coins now hold over 24.8 billion, up from last year’s low of 18.2 billion. 🐳💸
But wait, there’s more! Dogecoin’s funding rate has remained in the positive zone since July last year, which means investors are anticipating a higher future price. 🚀
And let’s not forget about Elon Musk, the self-proclaimed “Dogefather.” He recently launched The American Party, which he hopes will become the third major political party in the U.S. But will it be enough to boost DOGE’s price? Only time will tell. 🇺🇸
Dogecoin price technical analysis
The daily chart shows that DOGE price bottomed at $0.1467, a notable level that was the lowest point in March, April, and June this year. It has formed a double-bottom pattern whose neckline was at $0.2596, the highest point in May. A double bottom is one of the most popular bullish reversal patterns. 📈
The Relative Strength Index has bounced back and is nearing the neutral point at 50. Similarly, the two lines of the MACD have made a bullish crossover and are pointing upward. So, the coin will likely maintain its bullish outlook as long as it remains above the double bottom at $0.1467. A rebound could see it rise and retest the resistance level at $0.2595. A drop below the support at $0.1467 would invalidate the bullish forecast. 📉
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2025-07-07 18:37