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Dogecoin entered a prolonged accumulation range after hitting a new annual high in May 2024. The price has fluctuated wildly since then, likely giving investors time to re-enter the meme coin at lower prices. However, with the market downturn and hopes of a recovery, Dogecoin investors appear to have exited their purchases. This indicates that the prolonged accumulation trend may be coming to an end, which could be bullish for the meme coin’s price.
Why Dogecoin Accumulation Ended
Crypto analyst VIAQUANT wrote on the TradingView website: Suggested Dogecoin’s accumulation trend has finally come to an end, as crypto analysts point out key indicators. Moving Averageand their positioning is evidence that this is the case.
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According to VIAQUANT: Dogecoin Price It has defended multiple moving averages on key time frames. This development not only indicates strength but also the end of the accumulation phase. The key moving averages here are the 21-day moving average, the 100-day moving average, and the 200-day moving average.
Analysis shows that on the three-day chart, Dogecoin price is holding at the 200 moving average, followed by the 100 moving average on the weekly chart after a sharp drop last week, and finally the 21 moving average which continues to hold strong on the monthly chart.
In light of these developments, crypto analysts believe that the holding of these moving averages indicates that Dogecoin’s accumulation phase is over. Not only that, but they also argue that this means the meme coin could be gearing up for another price recovery from here.
What will happen to DOGE price from now on?
the current, Dogecoin price continues to struggle with bearish crypto market headwindsHowever, if VIAQUANT’s analysis is correct, this situation will not last for long, and a bounce from here could be phenomenal, given how much the coin has fallen in the past few months.
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Crypto analysts note that a similar accumulation trend was observed in early 2024. DOGE Price It has risen by over 100%. Applying that scenario to the current situation, analysts predict that Dogecoin price will rise by another 100%, which means the price will rise above $0.2.
Interestingly, crypto analysts do not expect this move to take long: the chart shows that the move above $0.2 will be completed sometime in November, meaning a three-month period is needed for the analysis to unfold.
Featured image created by Dall.E, chart taken from Tradingview.com
https://www.newsbtc.com/news/dogecoin/dogecoin-moving-averages-price/
