The price chart of Dogecoin currently shows an astonishingly similar trajectory to previous bull market periods. Key technical indicators (like PMO) indicate potential growth momentum, combined with recent large transfers of whale funds, Dogecoin may be on the verge of a breakout. However, short-term market adjustments may provide a healthy pause for the overall upward trend.
PMO indicator suggests the bull market has started.
The weekly price momentum oscillation indicator (PMO) is currently an important tool for judging the market trend of Dogecoin. Historical data shows that after PMO breaks through the bullish threshold, Dogecoin experienced significant rises in 2017 and 2021.
Currently, the PMO curve has once again broken upwards, and the incremental growth is gradually shrinking, mirroring the trend before the previous bull market starts. Analyst Tardigrade emphasizes that each bull market initiation is often accompanied by a prolonged consolidation period, and this time is no exception.
This indicates that the internal buying pressure in the Dogecoin market is recovering. Historical patterns show that DOGE may be at the beginning of a new bull market, with potential gains not to be underestimated.
Whale transfers trigger market volatility speculation.
In the past six hours, up to 1.1 billion DOGE was transferred between unknown wallets, worth over $445 million. The transactions included two transfers of 300 million DOGE and one transfer of 500 million DOGE.
These large transactions did not involve exchanges, suggesting they may be related to over-the-counter trading, large corporate restructuring, or internal wallet adjustments. These activities signal a large flow of funds, indicating that whether accumulation or liquidation, the price could face significant volatility.
The market is currently closely watching for more whale activity. If additional funds continue to flow in, it may further boost market bullish sentiment; conversely, if funds start flowing into exchanges, there may be selling pressure in the short term.
Signals of a bull market in adjustment: Healthy consolidation is not a reversal.
Currently, the price of Dogecoin is oscillating within a parabolic channel, and the trend is very similar to the initial stages of the bull markets in 2017 and 2020. Recent TD sell signals suggest that the price may enter a consolidation range in the short term, but analysts emphasize that this is a 'healthy pause, not a trend reversal.'
In the short term, if the price can maintain above the support level at the middle of the channel, it is expected to further challenge the upper limit of the channel and even break new highs. If the market adjusts, attention should be paid to the strength of support at the lower boundary of the channel, which is key for the long-term bullish trend.
Comprehensive analysis
Key support level: The support level near the middle of the current channel is crucial, and attention should be paid to whether the price can stabilize here.
Potential resistance level: If the price successfully breaks through the upper limit of the channel, bullish momentum may accelerate.
Risk management: The direction of large whale transfers needs to be closely monitored, as funds flowing into exchanges may lead to short-term selling pressure.
Overall, the potential for Dogecoin's rise remains strong, but healthy adjustments are an essential part of the bull market journey. If investors can position themselves near key support levels and set reasonable stop-loss points, they may significantly benefit in the upcoming bull market.
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