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DOGE Dogecoin shows signs of potential bullish reversals
The monthly chart pattern of Dogecoin (DOGE) is highly consistent with the important accumulation stages observed in 2022, showing signs of potential bullish reversals. Analysts pointed out that the emerging buy signals in the Tom DeMark (TD) series indicators, increased activity in large position positions and improvements in the technical structure are all reasons for cautious optimism about DOGE's short-term trend.
Analysts point out that the historical pattern is repeating itself.
Well-known cryptocurrency analyst Ali Chaz said that the monthly chart of Dogecoin has recently generated a buy signal on the TD series indicator. The signal suggests selling pressure is weakening and suggests a broader trend reversal could occur if current patterns are maintained in the upcoming monthly candle chart.
It is worth noting that this pattern is very similar to the trend of Dogecoin August 2022-when the inverted hammer pattern and subsequent TD buy signal appeared before the cross-star candle chart. This combination eventually triggered a sharp rebound in monthly prices at the time, but analysts also warned that history may not repeat itself.
Dogecoin's current accumulation pattern with 2022 shows key similarities: buy signals from TD series indicators and increased whale positions suggest that selling pressure may be giving way to new buying momentum.
In addition to technical aspects, online data also reflects the renewed interest of large households (commonly known as whales). Data shows that whales have increased their holdings of approximately 430 million DOGE units in the recent past. Analysts believe that this trend shows that confidence among institutions and large investors is growing.
The US$0.0813 resistance level is closely watched by traders
Market participants are paying close attention to the US$0.0813 level-an area that has been a strong resistance level for Dogecoin past transactions. If the monthly closing price can stabilize here, it means that the bulls have regained control of the situation and may trigger further buying interest in the short term.
If DOGE successfully breaks through and builds support at this level, traders may turn their attention to the next key resistance level,$0.177. This target is identified through the Unrealized Price Distribution (URPD) indicator and is considered a potential target for further gains.
Although the current pattern is positive, analysts believe that confirmation of breaking through resistance levels and continuous improvement of technical aspects are necessary conditions for achieving a comprehensive trend reversal. The evolution of the monthly structure of Dogecoin, coupled with the formation of TD series buy signals and bullish cross-star patterns, has led investors to pay close attention to whether there will be characteristics similar to the successful reversal in 2022.
If Dogecoin can stand above US$0.0813 at its monthly closing price and its technical momentum continues to increase, it may open up space for a larger rise, with the target pointing to US$0.177.
