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Dogecoin (DOGE) has been under immense pressure in recent times due to market volatility and bearish trends dominating the cryptocurrency space. The token’s price has fallen by over 53% since the beginning of the year, with some analysts predicting even more drastic losses.
However, amidst this bleak environment, there is a glimmer of hope for DOGE investors as it appears that the asset is under strong accumulation. This sentiment comes courtesy of renowned crypto analyst Trader Tardigrade (@TATrader_Alan), who took to Twitter to share his findings.
In an eye-catching tweet, Tardigrade highlighted how DOGE has undergone a spring of Wyckoff Accumulation. While it’s true that the current pattern doesn’t perfectly match the typical Wyckoff Accumulation since prices have shifted slightly higher than usual in phase B, the token still exhibits most of the key characteristics associated with this phenomenon.
The analyst emphasized that this development suggests the possibility of a bullish breakout if the pattern completes as anticipated. However, he also cautioned that the deviation in phase B can once again induce volatility in DOGE’s price.
As the cryptocurrency market continues to navigate these turbulent times, it will be essential for investors to monitor the price action around a critical support level at $0.13. This point serves as both the 61.8% Fibonacci retracement level and the aforementioned rising trendline that DOGE has respected since October 2023.
Furthermore, recent whale activity data suggests that over 1.32 billion DOGE have been sold in the last 48 hours. The sheer volume of these transactions raises concerns about continued selling pressure and adds weight to the idea that $0.13 will be a key level for the asset’s future performance.
The current market environment is characterized by heightened levels of anxiety due to the escalating Trump trade war. In response, global stocks have taken a hit, with bond markets and gold also experiencing significant losses. As investors begin to reevaluate their portfolios in light of these developments, there are growing concerns about the potential for a global recession.
In this context, it is understandable that DOGE has been impacted, with its price correcting by 53% since the start of the year. The token’s performance closely mirrors that of Ethereum (ETH), which fell by over 56% during the same period.
Source: https://www.coinspeaker.com/dogecoin-under-strong-accumulation/
