Dogecoin (DOGEUSD) has been trading sideways for the past 10 days, ever since the December 20 Low, following the 1D MA50 (blue trend-line) bearish break-out from the December 08 High. That was a -45% decline and naturally the current inability to reclaim those levels has many investors worried.
Technically however, this is nothing more than a standard Accumulation Phase, where investors tend to take their time and buy DOGE below the 1D MA50 following a rally's correction. During this Bull Cycle, we have already seen two such phases and the one most common to the current one is the one exactly one year ago following the December 10 2023 High.
As you can see both of those Highs were formed after a 1D Golden Cross. The January - February 2024 Accumulation Phase took place also after the 1D RSI bottomed on the 34.00 level. After this 2-month consolidation, the price started the Parabolic Rally sequence that peaked on the 3.0 Fibonacci extension.
If the pattern continues to be repeated, we are looking at a $1.500 Target at least by March - April 2025.
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