Analyst Predicts Dogecoin Bounce After Identifying Accumulation Pattern
The Dogecoin (DOGE) price chart indicates a potential bottom formation, similar to the pattern observed before its five-fold increase last autumn. Market technician Astronomer (@astronomer_zero) suggests that DOGE is positioned for a significant upward move, highlighting a "6R+ trade" opportunity towards December's supply wall.
Key Points
- The price shows repeated tests of a demand band between $0.12 and $0.15, resulting in higher two-day closes.
- Recent trading opened at $0.18141, reached $0.18210, and settled at $0.17548, slightly below the key level.
- The downside risk is limited to around $0.12982, while upside potential extends to $0.40000 - $0.48527.
- Astronomer notes structural similarities to October 2024, when DOGE rose from $0.10 to $0.48527.
- A sideways movement within the $0.175 resistance is expected, followed by an advance into the low-$0.30s.
- A close above $0.20000 would signal a reversal, targeting $0.30, while a drop below $0.12982 would invalidate the bullish setup.
- Current DOGE price stands at $0.173.
