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- 📢 Gate Square #Creator Campaign Phase 2# is officially live!
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Dogecoin Repeats History: After Every Accumulation Comes a Soaring Moment?
Dogecoin is currently trading at $0.1651 and is showing a strong pattern of weekly consolidation followed by bullish moves. According to market observers, each cycle has ended at a higher level, indicating sustainable growth in demand. The current structure shows potential for a continuous bounce back in price in the near future. Bulls protect important support as the price forms higher levels According to the analysis prepared by Bitcoinsensus, Dogecoin has maintained a small weekly cycle pattern. This asset has fluctuated for several weeks before each breakout, and each breakout has formed a new higher high. This trend, observed since the end of 2024, reflects the growing interest in the asset. The current bounce back from $0.142 reaffirms the importance of the bridge area between $0.142 and $0.160. This level also supported a strong price recovery in March and April. At both times, Dogecoin increased by more than 40% in the following weeks, supported by rising volume and positive market sentiment.
The protection of this area recently aligns with historical price behavior. According to BitGuru, Dogecoin may be entering a bullish reversal phase. If buyers push above the current consolidation area, the next important resistance level will be around $0.21. The indicators supporting the bullish trend continue to aim for $0.21 Technical indicators currently show signs of bounce back. RSI is near the oversold level, indicating reduced selling pressure. MACD is approaching a bullish crossover on the daily chart, which could confirm the ongoing reversal trend if completed.
Data from Santiment shows that the Market Value to Realized Value (MVRV) ratio over the past 30 days has decreased to -15.43%. This indicates that many traders are holding at a loss and may avoid selling, which could support a price bounce back. Dogecoin must hold the support level of $0.16 to avoid a larger correction. If the buyers maintain the bullish momentum and surpass the $0.21 level, the price could aim for higher levels supported by strong bounce back patterns in the past.