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DOGE Dogecoin has received new buying signals and may be expected to rise
Dogecoin (DOGE) has recently attracted market attention because it may be about to usher in a significant upward trend. The digital currency's monthly chart echoes a well-known accumulation period in the spring of 2022, and a new Tom DeMarc (TD) series buy signal adds to this sign. Analysts are cautiously optimistic about the trend of Dogecoin, believing that this prospect is mainly due to the increased activity of large investors (i.e."whales") and the improvement of its technical structure.
Preliminary study of the Demack indicator
Recently, Ali Charts, a well-known person in the cryptocurrency field, pointed out that the chart of dogcoin sends a buy signal through the TD sequence tool, which indicates that the selling pressure is weakening. If the current market pattern can continue in the next monthly indicator, then a broader trend reversal may be imminent, similar to the one seen in August 2022.
The historical pattern at the time included an inverted hammer line, followed by a TD buy signal shortly afterwards, and eventually formed a cross-star candle. Although the combination has triggered a sizable round of price increases over the past year, experts remind investors that historical performance should not be used to predict future trends.
Dogecoin currently shows key characteristics similar to the accumulation pattern in 2022: TD series indicators send buy signals, while whale accumulation is also increasing, suggesting that selling pressure may be giving way to renewed buying momentum.
Can it break through key price levels?
Yes, market participants are targeting the key level of US$0.0813, which was previously a resistance level for Dogecoin. If Dogecoin can stand above the monthly closing price, it may signal that bulls dominate and is expected to attract more buyers eager for a rise.
In addition, if Dogecoin successfully breaks through this barrier and converts it into support, traders may start focusing on the next target-US$0.177. This level is determined through unrealized price distribution (URPD) analysis and is a noteworthy target for further price increases.
The monthly closing price above US$0.0813 is a key condition to confirm that market sentiment turns bullish.
The subsequent increase target of US$0.177 was confirmed through strategic indicators.
The accumulation behavior of whales shows that large players are growing confidence in the currency.
To achieve a sustained upward trend, technical improvements must be synchronized with whale activity.
The currently observed technical patterns and significant accumulation by large companies may lay the foundation for the market to replicate last year's successful reversal. Investors are paying close attention to TD series buy signals and other factors to try to predict whether the 2022 rally will repeat itself.
If Dogecoin can ensure that the monthly closing price is higher than US$0.0813, then as long as technical momentum continues to accumulate, this shift may open up room for the price to climb further towards US$0.177.
Although enthusiasm for potential gains is growing, success depends not only on breaking through resistance; continued technical improvements are crucial to achieving a complete shift in trend. Combined with the latest analysis, it is found that the chart trend of Dogecoin has made many people eagerly look forward to a bullish recurrence of its historical trajectory.
