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Following
DOGE DOGE was originally a cryptocurrency born as a joke by Shiba Inu Internet fans as inspiration. Now it has entered what some analysts call a long-term accumulation stage. This pattern observed by many market experts echoes the cycle that occurred before dogcoin prices rose sharply in history.
Long-term accumulation and historical patterns
Well-known cryptocurrency analyst Trader Tardigrade pointed out that dogcoin is currently trading within a rare accumulation range. Historically, similar periods have occurred from 2015 to 2017, 2019 to 2020, and 2022 to 2023. During these stages, the price of Dogecoin experienced consolidation and weakness, and then experienced a significant increase.
Technology traders believe that the current market has similarities with past cycles: Dogecoin prices remain near key support levels and trading activity is relatively calm. According to these observers, this sluggish momentum often indicates that if the broader market environment changes, a major market may be brewing. Historically, long-term consolidation and low relative strength index (RSI) have often preceded significant price increases, prompting speculation about a new bullish cycle for Dogecoin.
Some investors claim that if Dogecoin can break through from the current accumulation stage, its price may reach US$4. However, they also caution that historical trends do not guarantee future performance.
Introduction to Trader Tardigrade
Trader Tardigrade is a pseudonym cryptocurrency analyst known for his technical market analysis and often shares price cycle insights with retail traders on social platforms.
Downtrend and Technical Indicators
Currently, the trading price of Dogecoin is US$0.07263, the 24-hour trading volume is US$437.18 million, and the market value is US$12.4 billion. In the past 24 hours, prices have dropped 2.64%. Despite calls for a possible bullish reversal, market momentum remains weak.
According to TradingView data, Dogecoin has continued to be in a downward trend since hitting a high near US$0.11500 in mid-May. Since then, prices have formed lower highs and lower lows, gradually approaching the US$0.07 support level. Since July, prices have continued to consolidate without any obvious change in direction. DOGE last reported US$0.07266, down 0.71%.
Key Price Data
Date/Period| price highs| support level| Recent lows
mid-May| $0.11500| $0.07,000| US$0.07266 (July)
In terms of key momentum indicators, the Relative Strength Index (RSI) is currently at 34.85, close to the oversold area, but still well below the neutral level of 50. Both the MACD line and the signal line are below the zero axis, indicating that there has been no confirmed bullish reversal.
Market conditions and potential scenarios
Despite some optimism among technical traders, Dogecoin's prospects are largely influenced by market conditions. The overall trend remains cautious, with bitcoin prices also falling, putting pressure on altcoins, including DOGE.
Analysts warned that DOGE's next move will depend on whether buyers can hold on to the key US$0.07 support level and push prices beyond resistance. An overall rebound in the cryptocurrency market may help form a bullish pattern, but if it continues to weaken, it could lead to a new round of decline in this myth-themed asset.
Continued gains will depend on buyers holding on to US$0.07 support and overcoming resistance in an overall cautious market.
