Analysis of Dogecoin (DOGE) price dynamics reveals interesting recurring patterns that may indicate further growth. Analysts highlight recent changes and their connection to the asset’s history.
Repetitive Pattern on Dogecoin Weekly Chart
When analyzing the weekly chart of Dogecoin prices, analyst Trader Tardigrade observed a consistent system of small and large rises. Each cycle began with a small pump, followed by a sharp rise that pushed the meme cryptocurrency to a new level. Recent trends show a breakout to $0.22 in early 2024 and subsequently to $0.45. Both of these movements occurred after a short-term upward wave and were accompanied by a rising trendline. The latest DOGE price action again registers on this trendline, forming a base pattern similar to those seen previously.
Long-Term Trend on Dogecoin Monthly Chart
In the long term, the bullish structure of Dogecoin’s price is further supported by the monthly chart. Trader Tardigrade noted obvious breakouts following extended downtrends with three distinct historical cycles. Each of these cycles began with a severe correction and sharp recovery, maintaining upward momentum. The current monthly configuration seems to replicate the two previous cycles, where DOGE is presently in a corrective period with an upward momentum starting to regain.
Dogecoin Derivatives Data
Meanwhile, the latest Dogecoin derivatives data from CoinGlass shows continued bullishness, particularly in the options sector. DOGE options volume rose by 184.15%, and options open interest was up by 64.75%. This increase was linked to speculative trading, indicating that traders are preparing for possible price shifts. Moreover, total trading volume decreased, suggesting reduced activity. Long/short ratios on major exchanges show that traders remain biased towards longs.
According to the current data, Dogecoin may be on the verge of a new rise. The recurring patterns on the charts as well as derivatives data indicate the potential continuation of an upward trend.
