Dogecoin Nears End of Wyckoff Accumulation, Potential for Bullish Breakout

Dogecoin, after reaching a two-year peak in 2024, entered a bearish market trend characterized by the Wyckoff Accumulation.
The Wyckoff Accumulation has been a significant factor holding down Dogecoin's price. However, if Dogecoin breaks out of this trend, it could see a price increase.
According to the 5-Phase theory, Dogecoin might be completing Phase C, the lowest point, suggesting a potential price bottoming.
If the accumulation ends, it may lead to a bullish trend and propel Dogecoin's price further.
In Phase D, Dogecoin is expected to approach the resistance level above $0.16.
Phase E, being the most bullish phase, could push Dogecoin's price above the accumulation range of $0.29 to $0.3.
Open interest for Dogecoin has dropped to yearly lows, indicating a possible opportunity for buyers as the market shows signs of recovery.
Current open interest is at $1.3 billion, significantly lower than the all-time high of $6 billion, suggesting potential for a major breakout.