Dogecoin Experiences Strong Accumulation Amid Market Selling Pressure

Dogecoin (DOGE) has experienced a 15% decline, falling below $0.15 amid a broader crypto market downturn linked to the Trump trade war. Despite this, on-chain data indicates strong accumulation for DOGE.

Accumulation Phase

Crypto analyst Trader Tardigrade identifies a potential Wyckoff Accumulation pattern in DOGE, suggesting a possible market reversal.
The current price action differs slightly from the textbook model but retains key characteristics of Wyckoff Accumulation.
A bullish breakout may occur if the pattern completes, though volatility is expected due to deviations in phase B.

Support Levels

Analyst Ali Martinez points out a critical support level at $0.13, where a rising trendline intersects with the 61.8% Fibonacci retracement level.
Increased whale activity has been noted, with over 1.32 billion DOGE sold recently.

The cryptocurrency market faces heavy selling pressure from escalating tariffs related to the Trump trade war. Major cryptocurrencies, including Ethereum, have also seen significant declines since the start of the year, with DOGE correcting by 53% amidst diminishing excitement over a proposed ETF.