Dogecoin prices have entered a technical phase reminiscent of previous bullish cycles. Analysts noted chart signals and on-chain data indicating bullish trends.
Bullish MACD Cross of Dogecoin
Dogecoin prices recently exhibited a bullish MACD crossover, traditionally signaling the beginning of large upward trends. Analyzing previous MACD crossover events revealed that the meme coin rallied by 84%, 194%, and 446% each time such an occurrence happened. The current crossover is also aligned with an upward trend, indicating similar momentum shifts.
Double Bottom Formation
Technical analyst Ali Martinez presented a multi-month chart showing Dogecoin forming a double bottom pattern. This structure is generally seen near cycle lows and often serves as a foundation for trend reversals. DOGE recently broke the neckline of this pattern, near the $0.27 level, after a 40% increase from the second bottom.
Whale Accumulation and Trader Confidence
According to on-chain data, large holders have accumulated over 310 million DOGE in the past few days following a mild pullback. Additionally, trading information from HyperLiquid indicated that a major trader recently deposited 3.92 million USDC to open a long position in Dogecoin with 10x leverage.
Overall, the current state of the Dogecoin market suggests the potential for significant growth supported by both technical signals and whale activity.
