Department Of Government Efficiency: Are we gonna laugh again???
Is Elon giving us a hint again? That's what $DOGE investors are asking themselves. Here are your answers.
$DOGE entered an extended accumulation range after hitting a new yearly peak in May 2024. Since then, the price has fluctuated widely, presumably giving investors time to enter back into the meme coin at lower prices. However, with the market on a decline and expectations for a recovery on the horizon and investors seem to be done with their buying. This signals that the drawn-out accumulation trend could be at an end, something that could be bullish.
Crypto analyst, VIAQUANT, on the TradingView website, has suggested that the Dogecoin accumulation trend is finally at its end. The crypto analyst points to an important indicator, namely the Moving Average, and their positioning being the evidence that this is the case.According to VIAQUANT, it's price has defended multiple moving averages on important timeframes. This development shows not only strength, but an end to the accumulation phase. The important moving averages here are the 21 Moving Average, the 100 Moving Average, and the 200-Day Moving Average.
The analysis points out that on the 3-day chart, it's price has held the 200 Moving Average. Next is the 100 Moving Average on the weekly chart, even after a rapid decline over the last week. Last but not least is the 21 Moving Average, which continues to hold tightly on the monthly chart.
Given these developments, the crypto analyst believes that these moving averages being held show that it's accumulation phase has ended. Not only that, they posit that this also means that the meme coin could be gearing up for another price recovery from here.
Presently, $DOGE prices are still struggling against the headwinds of the bearish crypto market. But if VIAQUANT’s analysis is correct, then this could only be short-lived from here. Given how much the coin has fallen in the last few months, a bounce from here could be phenomenal.
Thoughts??
