Dogecoin Price Poised for Next Move as Monthly Bullish Engulfing Candle Forms

Dogecoin price is showing signs of a bullish turnaround despite a 30% pullback. DOGE price today hovers around $0.2062, reflecting a 1% drop in the past 24 hours and marking the fifth consecutive red candle this week. 

Despite bearish pressure, its on-chain indicators and technical price chart, firmly signals that this potential ongoing retracement could be just a setup for a powerful reversal.

Whale Accumulation Signals Confidence in DOGE Price Forecast

While DOGE continues trading near the key support of $0.21 to $0.20, large holders are seizing the dip. This was highlighted by Ali Martinez on July 31, that whale wallets has nearly added 130 million DOGE, which is significantly hinting at bullish expectations. 

Moreover, the balanced funding rates indicate market neutrality, with neither long nor short dominance. This equilibrium reduces the risk of liquidations and creates a stable platform for a potential breakout.

Monthly Bullish Engulfing Candle Sparks $1+ DOGE Price Prediction

Technical analysis reveals that the Dogecoin price chart is forming a monthly bullish engulfing pattern, a classic reversal signal. 

Historically, such candles mark major turning points in market sentiment. Currently, DOGE faces resistance around $0.25 to $0.27, but a sustained move above $0.26 could open the way to $0.30 and higher.

Several bullish scenarios are in play. Some technical projections suggest DOGE could deliver 226% gains, surpassing its all-time high of $0.739. More aggressive DOGE price forecasts even target levels of $1.42 or $2.11 in the coming cycles.

Adding fuel to this outlook, one bullish model suggests a longer-term surge toward $9, with intermediate consolidation phases, including a halt near $2. While ambitious, such forecasts are rooted in repeating historical price behaviors.

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