In an unusual trend, as the memecoin market downturn set-in on Wednesday, rather than join the sell-off the whales have held their positions.
If the whales opt to capitalize on the pull-back to buy the dip, its only a matter of time before DOGE price enters a rebound toward $0.10.
Dogecoin Price Forecast: $0.089 is the Key Resistance to Beat
Drawing inferences from on-chain data analysis, Dogecoin whales buying spree could set DOGE price back on the front foot, possibly retesting the $0.01 area in the coming days.
However, the Bollinger band technical indicator suggests that the bulls now face major resistance around $0.089.
At press time, Dogecoin is currently trading at $0.083, just above the 20-day SMA of $0.082 signaling that the bulls are still in control.
A decisive breakout above the $0.089 sell-wall mounted at the upper Bollinger Band of $0.089 could trigger a major bullish upswing toward $0.1 as predicted.