- Dogecoin price must hold above the support level around $0.22 to invalidate the potential sell-off.
- On-chain data shows a significant sell order for DOGE by whale investors.
- The macro outlook for Dogecoin remains bullish bolstered by the ETF hype in the United States.
Dogecoin has been trading in a rising wedge since April, holding its uptrend but remaining trapped in consolidation.
The memecoin, secured through proof-of-work like Bitcoin and Litecoin, retraced about 20% in the last 10 days, pulling back to $0.24 on September 23. Traders say holding above the $0.22 support is crucial to avoid a deeper sell-off.
Ali Martinez Flags Buy Zone for DOGE
Analyst Ali Martinez said the recent drop pushed DOGE into a favorable buy zone, with price retesting the wedge support.
He pointed to an ascending triangle pattern and the TD Sequential buy signal on the 4-hour chart as evidence that DOGE could rally toward $0.30 in the near term.
Technical Indicators Signals Midterm Choppy Consolidation
On the daily chart, signals are mixed. MACD crossed bearish with a growing negative histogram, while RSI hovered near overbought.
Analysts say this setup supports mid-term consolidation, giving DOGE time to absorb supply before a possible run later this year.
Dogecoin Price Analysis: Support, Resistance, and Indicators
Whale Activity Adds Pressure
On-chain data shows a whale investor deposited 800 million DOGE coins, valued at nearly $190 million into Binance from an unknown wallet. Last week, Santiment data showed that Dogecoin wallets with a balance of between 100 million and 1 billion coins sold about 680 million units, thus holding about 26.6 billion coins.
ETF Bets Fuel Macro Bullish Case
Despite the short-term selling, the broader picture stays bullish. DOGE has been lifted by ETF hype in the U.S.
Grayscale filed an updated Form S-1 with the SEC for its Grayscale Dogecoin Trust (GDOG) on September 19, naming Coinbase Trust Company as custodian.
Related: Dogecoin Price Prediction: Can DOGE Break $0.28 After ETF Approval?
In parallel, the 21Shares DOGE ETF appeared on the DTCC’s official site, often viewed as a sign approval could be near. If ETFs move forward, traders expect stronger institutional demand to support a longer-term rally.
Related: Dogecoin (DOGE) Price Prediction For September 23
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Source: https://coinedition.com/dogecoin-holds-0-24-as-etf-bets-build-analysts-eye-0-30-breakout/