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Following
DOGE The dog coin monthly chart flashed a rebound signal in 2022. Whales purchased 430 million DOGE
dog coin monthly chart showed a reversed hammer pattern, TD Sequential buy signal and a forming cross star, similar to the trend in August 2022. After this pattern emerged at that time, dogcoin subsequently rose by 145%.
analyst Ali Charts pointed out that the monthly chart sent a TD buy signal last month. He compared the current structure with August 2022: at that time, Dogecoin formed an inverted hammer shape and a TD buy signal, followed by a cross star, and finally recorded a monthly increase of 145%. The current monthly chart also shows a down-hammer, TD buy signal and a forming cross star. However, Ali Charts did not assert that the same market would repeat itself, but said that if the historical sequence repeats, the pattern may signal a major market.
Whale accumulation adds technical support
Analysts are also paying attention to the movements of large holders. According to Ali Charts, in the past week, whales have increased their holdings of more than 430 million DOGE. This purchase occurred when the price of Dogecoin fluctuated between US$0.0680 and US$0.0725 between August 4 and August 16.
However, spot flow data for the same period showed a mixed trend. The largest net outflow occurred around August 7, at approximately $5.2 million. Other large outflows occurred on August 6 and August 14, close to $3.5 million. In contrast, the strongest net inflow occurred around August 11, at approximately $2.5 million. During this period, DOGE prices climbed to around $0.0725 and then fell back to $0.0700.
US$0.0813 remains the main resistance level
Ali Charts pointed out that US$0.0813 is a key resistance area, which has previously been traded for more than 30 billion DOGE units. He said that if the daily close continues to stand above this level, it may open up the next resistance level of about $0.177.
Meanwhile, spot flows weakened on August 15 and 16, with the volume column close to zero. As flow pressure eased, DOGE traded around $0.0697 -0.0700. The chart shows that $0.0700 is the psychological pivot point,$0.0710 and $0.0720 -0.0725 above constitute resistance, and $0.0690 and $0.0680 below are the next support levels.
