Dogecoin’s (DOGE) price is poised for a potential breakout from a bullish descending wedge pattern. Support from the market and minimal investor backing is aiding its recovery.
The recent tweet by Elon Musk, expressing willingness to serve the 'Department of Government Efficiency, i.e., D.O.G.E.', has bolstered Dogecoin's prospects. Technical indicators like the MACD show rising bullish momentum, signaling a potential recovery in DOGE's price.
However, the behavior of large-scale investors or whales is a concern. Their minimal increase in holdings, approximately $300 million inflows in wallets holding $100,000 to $10 million DOGE, indicates cautiousness. Without significant whale participation, the bullish momentum might not sustain.
Nevertheless, if Dogecoin's price flips a crucial resistance into support, it could aim for a 90% rise, targeting $0.20. Yet, there's uncertainty as a failed breakout could see DOGE falling to $0.10 or lower.
