In simpler terms, over the last 24 hours, Dogecoin‘s price movement has mainly stayed near $0.33. This circular pattern around this price point is significant because it keeps Dogecoin above a crucial trendline. This trendline could determine Dogecoin’s future course.
It’s worth noting that Dogecoin appears to be showing signs of a potential reversal point, based on current technical analysis. This assessment was made by crypto analyst Trader Tardigrade, who has been studying Dogecoin’s price trends and expressed optimism about the future of this popular meme coin.
Dogecoin Holds Strong Above Support Trendline
In a recent examination of platform X, the trader known as Tardigrade observed that Dogecoin has consistently stayed above a significant support line. This crucial support line, demonstrated in the price graph provided, is approximately $0.315 and has been an essential level for Dogecoin since mid-December 2024. This support level emerged after Dogecoin temporarily dipped below $0.27 on December 20 before bouncing back. According to Tardigrade’s analysis, the subsequent pattern from this dip created a peak selling point.
Though it may appear that the selling peak has concluded the correction, Dogecoin could still be in the midst of forming a “selling climax bottom.” This pattern suggests that the price correction might not yet have reached its end. Currently, Dogecoin is testing the support trendline at around $0.315 after a recent rise to $0.39.
In simpler terms, this retest is considered a crucial part of the overall price trend. As per Trader Tardigrade’s analysis, this price action signifies a “secondary check” (SC), a technical maneuver that verifies the authenticity of the lowest point in the sell-off. If Dogecoin maintains its position above this level, it significantly boosts its chances of moving from correction to an extended period of recovery growth.
DOGE To Show Signs Of Strength
Investors are keeping a keen eye out for indications of Dogecoin’s resilience, and data from the blockchain hints that some investors might have already prepared to make a significant upward move with their investments. Trader Tardigrade shares this viewpoint, predicting that Dogecoin will eventually reveal its strength during an uptrend.
Based on anticipation, there could be a significant rebound following the peak of sell-offs at the Dogecoin bottom. According to Trader Tardigrade’s projections, it’s expected that the price of Dogecoin might surge towards approximately $0.66 within the coming weeks.
Discussing investors preparing for an increase in Dogecoin, data from Santiment reveals that large investors (whales) have bought approximately 470 million DOGE tokens within the past 48 hours. Consequently, these whale accounts now hold about 22.56 billion tokens, which is the highest it’s been in over a month for those holding between 10 million and 100 million DOGE tokens.
At the time of writing, Dogecoin is trading at $0.332 and is up by 0.5% in the past 24 hours.
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2025-01-12 06:41