Dogecoin is facing a crucial moment as 60,210 addresses that collectively purchased 36.4 billion DOGE at an average price of $0.11 may be looking to avoid losses.
If Dogecoin fails to reclaim the $0.11 level, a sell-off could occur, as investors seek to minimize their downside.
Analyst Ali Martinez suggests that if Dogecoin maintains the breakout point from a falling wedge pattern, it could rebound to $0.16 in the near future.
Dogecoin whales have recently purchased over 1 billion DOGE, indicating confidence in a price rise.