Dogecoin (DOGE): What Flipping Mid-Range to Demand Territory Could Detect
Dogecoin (DOGE) unveils a fascinating development following the bullish setup breakout on March 23. Though the first move exhibited volatility, Dogecoin appears stuck consolidating, highlighting an explosive action, especially when on-chain indexes show whales on increased accumulation rate.
DOGE Ready for Higher Recoveries?
Dogecoin price movements between September 29 last year to March 23 formed three unique lower lows and lower highs as the meme coin lost 85% from the $0.744 ATHs. Connecting the formed swing points reveals a declining wedge formation.
Though this pattern is popular in the crypto market, it predicts a 34% upward move, determined by measuring the initial swing peak to the low distance and adding to the breakout level. Meanwhile, the setup projects $0.178 as the target.
DOGE price breached the declining wedge’s top trend-line at $0.130 on March 24, and the original meme token has consolidated since. The sideways actions appear to have seen a bullish move as Dogecoin recently climbed beyond the 50- and 100-day SMAs near $0.132 and $0.139.
This surge and overturn of critical obstacles will now act as a foothold that could enhance more upward actions. Thus, market players should watch the altcoin as it may explode. Surprisingly, a breakout would likely trigger a 28% upsurge, taking DOGE to the initial target of $0.178, the level corresponding with the 200-day Simple Moving Average. Therefore, DOGE will likely print a local high at this barrier.
Nevertheless, buyers ganging up to overcome this obstacle may mean enough momentum to catalyze extended upsurges towards the ceiling at $0.126. Such a run-up would mean a 51% surge.
The supply distribution index supports the insane upward move by the canine-themed crypto. The on-chain metric tracks changes seen by addresses holding Dogecoin tokens. Wallets with over 10 million DOGE tokens have amplified their accumulation to 81.87% from 77.93% from February 8 to April 20. The sudden and massive upsurge shows institutional investors’ interests, foreshadowing an up-and-coming bullish run.
While writing these lines, DOGE traded at $0,1371, ranking 12 in the crypto-list. It may be intriguing to see the token’s upcoming reactions. Stay tuned.
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