⭐️ Here’s when to seize the next 'big buying' opportunity for DOGE
Dogecoin (DOGE), the popular meme cryptocurrency, has shown a remarkable performance with a weekly gain of 6%. Combining key bullish aspects like market cycles, breakouts, sentiment, and market structure, DOGE is preparing for a major move higher.
An analysis shared by TradingShot on TradingView on July 24 highlights a sequence of technical patterns that historically indicate significant upward movements in Dogecoin’s price.
🔸 Historical market phases and patterns
According to his analysis, from 2014 to 2017, Dogecoin experienced an initial decline and accumulation phase.
During this period, the price dropped sharply by 96.26%, bottoming out at around $0.002198. Following this decline, Dogecoin entered a prolonged stabilization phase lasting approximately 1,050 days (150 weeks).
The next significant period was the bullish cross and rally from 2017 to 2018. During this time, the 1-week moving average (MA) of 50 crossed above the 100 MA, signaling a new upward trend. Following this crossover, Dogecoin’s price surged significantly.
However, from 2018 to 2019, Dogecoin entered a bearish cross and decline phase. The 50 MA crossed below the 100 MA, leading to a steep decline of 92.96%. After reaching a bottom, the price stabilized and entered another accumulation phase.
From 2020 to the present, Dogecoin has been in a new accumulation phase. The price has been stabilizing within a defined range, supported by the 50 MA and facing resistance at the 100 MA. This phase resembles the earlier accumulation periods, indicating potential consolidation before another breakout.
🔸 Key support and resistance levels
The primary support is provided by the 1-week moving average, which is currently holding strong around the $0.07 to $0.08 range.
This level has been crucial in maintaining the price within the accumulation phase, suggesting an imminent breakout.
